Waec Economics 1997 Past Questions and Answers

Question 41:

• WAEC 1997

international trade is different from internal trade because of the

A. Manufactured goods involved
B. Currency differentials
C. Homogeinty of products
D. Heterogeinty of products
E. Uniformity of prices

Question 42:

• WAEC 1997

which of the following is not a visible item in international trade payments?

A. Payments for imported cars
B. Receits from cocoa exports
C. Receipts from oil exports
D. Payments for steel imports
E. Payments to foreign shipping companies

Question 43:

• WAEC 1997

The data here shows an hypothetical age distribution of the population of a town in Nigeria.

Sex		Age in years
	10 and below	11-14 15-3	36 - 64	65 and above
Male	1350	2275 1135	Y	3250
Female	2650	2725 1365	4265	Z
Total	4000	X 2500	7500	6000

From this data, calculate:
(a) X, Y, Z.
(b) The total population of the town.
(c) The difference be-tween the population of male and female aged 14 and below.
(d) The percentage of the population aged 14 and below.
(e) The dependency ratio in the town.

Question 44:

• WAEC 1997

Use the table to answer the following questions:

Quantity of yams(kg)	Total Revenue (TR)	Marginal Revenue (MR)	Total Cost (TC)	Marginal Cost (MC)
	N	N	N	N
0	0	-	5	-
1	9	9	8	3
2	18	9	6	T
3	24	6	21	5
4	28	Q	25	4
5	30	2	25	U
6	P	1	25	0
7	28	-3	S	1
8	24	R	24	-2

(a) Complete the table by calculating the missing figures P,Q,R,S,T,U.
(b)At what out-put is profit maximized?
(c) Calculate the profit when quantity sold is 5.
(d) At what output does MC begin to rise?

Question 45:

• WAEC 1997

(a) Explain the term opportunity cost.
(b) Highlight the relevance of the opportunity cost concept to individuals, firms and government.