Waec Economics 2001 Past Questions and Answers

Question 51:

• WAEC 2001

Why are many West African countries trying to adopt a free market system?

Question 52:

• WAEC 2001

(a) What is under-population?
(b) Under what conditions will it be advantageous for a country to promote population growth?

Question 53:

• WAEC 2001

(a) Explain the concept of diminishing marginal utility.
(b) How is utility maximized?

Question 54:

• WAEC 2001

What are the instruments used by the Central Bank to control the supply of money in any economy?

Question 55:

• WAEC 2001

Distinguish between:
(a) Fixed Cost and Variable Cost;
(b) Marginal Cost and Marginal Revenue;
(c) Total Cost and Total Revenue;
(d) Average Cost and Average Revenue