Question 4101:

• WAEC 2019

(a) Distinguish between the following pairs of concepts:
(i) elastic demand and inelastic demand
(ii) income elasticity of demand and cross elasticity of demand.
(b) Using diagrams, explain how an increase in price will affect the total revenue of a producer if the demand for his product is:
(i) price elastic;
(ii) price elastic

Question 4102:

• WAEC 2019

(a) What is public debt?
(b) Outline any three reasons why countries borrow.
(c) Highlight any three effects of a huge national debt on the economy of a country.

Question 4103:

• WAEC 2019

The diagram above represents the equilibrium position of a firm in a perfectly competitive industry. Study it carefully and answer the questions that follow.
(a) i. At what level of output and prices is the firm in equilibrium?
ii. Calculate the firm's profit in equilibrium
iii. What type of profits is it?
(b) i. Why is the average revenue (AR) function horizontal?
(c) State any two ways in which marginal cost (MC) and average total cost (ATC) are related.

Question 4104:

• WAEC 2019

The extract from a country's balance of payments account is shown below

Item	Imports ($ million)	Export ($)
Agricultural products	-	200
Mineral products	-	300
Consumer goods	250	-
Capital goods	400	-
Insurance	50	25
banking	75	30
Transportation	85	25
Loans	150	60

Using the table above, calculate the:
(a) balance of trade
(b) invisible trade balance
(c) balance on current account

Question 4105:

• WAEC 2019

(a) i. Define distribution of goods.
ii. Illustrate the normal chain of distribution of goods.
b. Describe a consumers' cooperative society.
c. Outline any four roles performed by a consumers' cooperative society