Question 4106:

• WAEC 2019

(a) What is an industry?
(b) Explain the following:
i. division of labor
ii. economies of scale
(c) Outline any four internal economies of scale.

Question 4107:

• WAEC 2019

a. Define a joint venture.
b. identify any three merits of a private company over a partnership.
c. State any three sources of finance to a public enterprise

Question 4108:

• 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 demand for his product is:
i. price elastic
ii. price inelastic

Question 4109:

• WAEC 2019

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

Question 4110:

• WAEC 2019

a. Distinguish between:
i. Growing population and a declining population
ii. overpopulation and underpopulation.
b. Explain any four disadvantages of a rapidly growing population in an economy