Waec Economics 2002 Past Questions and Answers

Question 46:

• WAEC 2002

which of the following is not a benefit derived by Nigeria from the petroleum industry?

A. Increased foreign exchange earning
B. Establishment of refineries and petrochemical industries
C. Employment of a greater proportion of the population
D. Development of airports, seaports and other social infracstructures

Question 47:

• WAEC 2002

Gross Domestic Product (GDP) at market price plus net factor income from abroad gives

A. Gross capital formation
B. Net capital formation
C. Disposable income
D. Gross national product

Question 48:

• WAEC 2002

An economic system in which the state owns and controls the means of production is known as

A. Socialist economy
B. Mixed economy
C. Capitalist economy
D. Welfare economy

Question 49:

• WAEC 2002

The table below shows the supply and demand for kilograms of maize per month in thousands. Use the information in the table to answer the questions that follow.

Quantity supplied (000)	Price per thousand kilogram ($)	Quantity Demanded (000)
16	3.00	3
13	2.50	5
9	2.00	9
6	1.50	14
3	1.00	19
1	0.50	26

(a) (i) If the government fixed the price of maize at $1.50 per thousand kilogram, what will be the excess demand for maize
(ii) If the government fails to enforce the fixed price, what will happen to the price of maize
(b) How can the government maintain a fixed price of $3.00 per thousand kilogram for maize?
(c) In relation to the equilibrium price, what will be the effects on the quantities demanded and supplied if the government enforced a fixed price of $1.00?

Question 50:

• WAEC 2002

The following data relate to a closed economy of a country where all production takes place in two firms. Use the information in the table to answer the questions that follow:

Items	Firm A (in 000 Dollars)	Firm B (in 000 Dollars)
Sales	200	400
Raw material	100	60
Labour costs	80	160
Depression	16	40
Profits	4	140

(a)(i) Which of the items listed above is an intermediate input?
(ii) What happens to intermediate inputs in the calculation of the national income?
(iii) Calculate the Gross Domestic Product (GDP) of the country.
(b)(i) Calculate the total amount of depreciation of the country
(ii) Calculate the Net Domestic Product of the country.