WAEC Economics 2008 Past Questions

The demand function for a commodity is given as Qd = 21 - 3p.
(a) Use the demand function to complete the table below. [6 marks]

(b) Draw the demand curve for the completed schedule in 1(a) (Use of graph sheet is essential) [8 marks] 
(c) Outline any three factors affecting demand [6 marks] 

The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.

(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks] 
(b) Distinguish between a budget surplus and a budget deficit. [8 marks] 

Outline any five effects of high dependency ratio [20 marks]

(a) Explain the term internal economies of scale. [4 marks] 
(b) Outline any four economies of scale a firm enjoys as it grows in size. [16marks] 

(a) What is supply? [5 marks]
(b) Describe any five determinants of supply. [15marks] 

(a) Define the term limited liability [4 marks]
(b) Explain any four problems of statutory public corporations in your country [16 marks] 

 Give four reasons why the governments of West African countries have found the policy of privatization attractive. [20 marks] 

(a) What is a market? [4 marks]
(b) Explain the main features of a perfectly competitive market. [16 marks] 

(a) Define the profit of a firm [4 marks] 
(b) With appropriate formula, explain the following revenue and cost concepts: 
(i) total revenue (TR); [4 marks]
(ii) average revenue (AR): [4 marks]
(iii) marginal revenue (MR); [4 marks]
(iv) average fixed cost (AFC). [4 marks] 

Explain the following systems of agriculture as practiced in your country:
(a) subsistence farming; [4 marks] 
(b) co-operative agriculture; [4 marks]
(c) plantation agriculture; [4 marks]
(d) mechanized agriculture; [4 marks]
(e) peasant farming. [4 marks] 

(a) Distinguish between a cheque and a bank note [8 marks]
(b) What are the main problems of trade by barter? [12 marks] 

(a) What is public recurrent expenditure? [5 marks] 
(b) Give five reasons for the rapid increase in government expenditure in your country. [15 marks]