Waec Economics 1995 Past Questions and Answers

Question 41:

• WAEC 1995

Table of Input and Output;

Variable units of labour	Fixed Assets (Hecteres of Land)	Total Product (kg)	Average Product (kg)	Marginal product (kg)
1	3	8	8	-
2	3	18	9	10
3	3	36	P	18
4	3	48	12	12
5	3	55	11	7
6	3	60	Q	5
7	3	60	8.6	S
8	3	56	7	T

Use the table to answer the following questions:
(a) Complete table by calculating the missing figures P, Q, R, S, T.
(b) Draw the Total Product (TP) and Marginal Product (MP) curve in one diagram. (No graph sheet is required).
(c) Explain the relationship between TP and MP.

Question 42:

• WAEC 1995

Use the schedule to answer the follow-ing questions:

Price per annum	Quantity Demanded	Quantity Supplied per week
5	500	60
6	400	150
7	300	300
8	250	400
9	150	500
10	50	600

(a) At what price and quantity does the market attain equilibrium and why?
(b) At what prices does the market exhibit excess demand and by how many units?
(c) At what prices does the market exhibit excess supply and by how many units?
(d) At what price will the supplier be willing to sell most? What quantity will he be willing to sell at that

Question 43:

• WAEC 1995

(a) What is meant by the supply of a commodity?
(b) What are the probable factors that can bring about changes in the supply of beans?

Question 44:

• WAEC 1995

Describe the effects of inflation on the economy of a country.

Question 45:

• WAEC 1995

(a) What is a tax?
(b) Highlight the various tax systems.