Waec Economics 2002 Past Questions and Answers

Question 51:

• WAEC 2002

What factors limit the size of indigenous firms in West Africa

Question 52:

• WAEC 2002

Explain the factors which influence the level of wages in your country.

Question 53:

• WAEC 2002

(a) Distinguish between fixed and variable costs.
(b) Under which conditions will a firm continue to operate at a loss in the short run? (Use figures or a diagram to explain your answer).

Question 54:

• WAEC 2002

(a) What is a perfectly competitive market?
(b) Explain the conditions necessary for a perfectly competitive market,

Question 55:

• WAEC 2002

(a) What is a market economy?
(b) Highlight the features of a market economy.