Waec Economics 1996 Past Questions and Answers

Question 41:

• WAEC 1996

Utility schedule

Quantity of goods consumed	Total Utility	Marginal Utility
0	0	0
1	10	10
2	16	-
3	-	4
4	-	-
5	23	1
6	23	-

(a) Complete the above utility schedule
(b) Draw the marginal utility curve
C(i) At what quantity does TU equal MU?
(II) What is the value of MU when TU reaches the maximum?
(iii) What happens to the values of TU as the quantity consumed increases?
(iv) What happens to the values of MU as the quantity consumed increases?

Question 42:

• WAEC 1996

The daily sales of a department store for one week are as follows

Days	Mon	Tue.	Wed.	Thu.	Fri.	Sat.
Sales N	1750	1000	3500	2250	1000	2500

(a) Present the above data in a bar graph. (The use of graph sheet is essential).
(b) Calculate the average utility curve.

Question 43:

• WAEC 1996

Explain five sources of finance that are available to a Public Limited Company.

Question 44:

• WAEC 1996

State any two ways by which monopolistic competition and perfect competition are similar and any three ways in which they are different.

Question 45:

• WAEC 1996

(a) Explain the methods of measuring the national income of a country
(b) State any three problems associated with measuring national income.