WAEC Economics 2010 Past Questions

The table below represents a travellers's consumption of bottles of Coca-Cola. Study the table carefully and answer the questions that follow. 
 

(a) Complete the missing figures D, E, F, G and H (5 marks) 
(b) Draw the demand curve for the traveler's consumption of Coca-Cola. (The use of a graph sheet is essential) [10 marks] 
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveler's demand curve. [5 marks]

The table below represents the cost function of a poultry farm. The price of a crate of egg is $21. Use the information contained in the table to answer the questions that follow. 
 

(a) What Is the fixed cost of the farm? (2 marks]
(b)(i) Calculate the marginal cost at each level of output. [9 marks] 
(ii) What is the profit maximizing output of the farm? [3 marks]
(c) Draw the demand curve for the farm. [6 marks]. 
 

 With an appropriate illustration, explain the circumstance in which an increase in output of a producer would 
(a) decrease his sales revenue [10 marks] 
(b) increase his sales revenue [10 marks} 
 

(a) Define increase in supply. [4 marks] 
(b) With the aid of diagrams, explain the effect of an increase in the supply of fish on the price of beef [16 marks] 

(a) What is the equilibrium of a consumer? [5 marks] 
(b) Explain how a consumer attains equilibrium in spending his income. [15 marks] 

(a) Explain with examples the following types of production (i) Primary [4 marks] (ii) Secondary [4 marks] (iii) Tertiary [4 mark] 
(b) Give two reasons why primary production pre-dominates in developing countries [8 marks] 

(a) What is a partnership? [4 marks) 
(b) State any two advantages and any two disadvantages of a partnership [16 marks]

(a) What is privatization? [4 marks] 
(b) Give four reasons for government participation in economic activities in your country [16 marks]

(a) Distinguish between location of industries and localization of industries [5 marks] 
(b) Describe any three advantages and any two disadvantages of locating industries in rural areas [15 marks] 

(a) Explain the function of money as a (i) measure of value [5 marks] (ii) store of value. [5 marks] 
(b)Show how inflation affects these two functions of money [10 marks] 

(a) What is a commercial bank? [4 marks] 
(b) Describe any four ways by which the Central Bank controls the amount of credit given by the commercial bank [16 marks] 

(a) What is incidence of taxes? [4 marks] 
(b) Explain any four principles of taxation [16 marks]