Waec Economics 1989 Past Questions and Answers

Question 46:

• WAEC 1989

(a) What is a development plan ?
(b) Discuss the various ways of financing economic development in Nigeria.

Question 47:

• WAEC 1989

Why do countries impose restrictions on international trade?

Question 48:

• WAEC 1989

Briefly outline the principles of taxation and give reasons why Nigerians are taxed.

Question 49:

• WAEC 1989

What is the mode and when is it a suitable average to use? State its disadvantages.

Question 50:

• WAEC 1989

Given that quantity demanded per period of time is a function of price and that the relation is expressed as: Q = 60 - 1/3 P, where Q is quantity demanded and P is the price,
(a) Find the quantity demanded when price is :
(i) N30.00;
(ii) N210.00;
(iii) NO.00.
(b) comment on (a) (ii) above.
(c) suppose the relation is now expressed as P = N (180 - 3Q); find P when:
(i) Q = 0;
(ii) Q = 60;
(iii) Q = 59.