Waec Economics 1999 Past Questions and Answers

Question 51:

• WAEC 1999

West African economy can best be described as

A. Agricultural
B. Backward
C. Developed
D. Industrialized

Question 52:

• WAEC 1999

Given the demand function for commodity X Qd = 12 - 2P where Qd is the quantity demanded and P the price of the commodity.

P	6	5	4	3	2	1	0
Qd

Use the demand function to complete the table
(b) Draw the individual's demand curve (use of graph paper is essential
(c) What is the maximum quantity the individual can buy of commodity X per unit of time?
(d) What is the relationship between quantity demanded and price in the function Qd = f(P)?

Question 53:

• WAEC 1999

The table below relates to the application of fertilizer to a fixed area of land and the production of maize. Use the table to answer the questions that follow.

Tones of fertilizer Applied	Total production in Bags	Marginal product
0	1,000	-
1	1,100	100
2	1,250	150
3	1,500	250
4	-	400
5	-	250
6	-	125
7	2,350	-
8	2,380	-
9	2,330	-

(a) What will be the total output of maize when no fertilizer is applied to the land?
(b) Calculate the total product after the application of the following quantities of fertilizer:
(i) 4 tonnes;
(ii) 5 tonnes;
(iii) 6 tonnes.
(c) Calculate the marginal product after the application of the following quantities of fertilizer:
(i) 7 tonnes;
(ii) 8 tonnes;
(iii) 9 tonnes.
(d) (i) After what level of the application of fertilizer does diminishing marginal returns occur?
(ii) After what level of fertilizer application will the total output decrease?

Question 54:

• WAEC 1999

What would be the economic consequences if prices were fixed by the government?

Question 55:

• WAEC 1999

Explain the advantages and disadvantages of a joint stock company as a form of business organization.