Economics 1998 Waec Past Questions and Answers

Question 36 :

• WAEC 1998

The instrument used in many countries to restrict imports includes

A. High tarrifs
B. Price index
C. Excise duties
D. Bank rate
E. Subsidies

Question 37 :

• WAEC 1998

The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called

A. Socialism
B. Welfarism
C. Communism
D. Capitalism
E. Traditionalism

Question 38 :

• WAEC 1998

A major setback in any mixed economy is

A. That is combined both the capitalist and socialist systems
B. The freedom of choice in the production and consumption of goods and services
C. That government intervenes to secure full utilization of resources
D. That economy decisions are determined by market forces
E. That the absence of profit motive in the public sector may reduce incentives for hard work

Question 39 :

• WAEC 1998

(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
Commoditychanges in pricecommodityChanges in Quantity Demanded

Original Price (N)	New price (N)	Original Quantity (kg)	New Quantity (kg)
Bread	15	20	Yam	150	200
Beef	25	40	Fish	1,000	3,000
Butter	100	50	Margarine	250	400

Question 40 :

• WAEC 1998

The table here shows the sectoral allocation of a country's budget. Illustrate the data accurately with a pie-chart. Show your workings clearly.

Sector	Amount (N million)
Health	30
Education	25
Housing	15
Manufacturing	10
Agriculture	20