Waec Economics 2004 Past Questions and Answers

Question 46:

• WAEC 2004

The Economic Community of West African States (ECOWAS) has been been slow in achieving its objective sbecause of

A. Political instability in member state
B. The activities of multinationals
C. Inadequate personnel at the secretariat
D. Inadequate international support

Question 47:

• WAEC 2004

A major achievement of the Organization of Petroleum Exporting Countries (OPEC) is that

A. Crude oil price has increased tremendously
B. Petroleum product price have remained low
C. Producing countries are highly industrilized
D. Price of crude oil has remained relatively state

Question 48:

• WAEC 2004

Use the diagram below to answer the questions that follow.
(b)(i) Which of the curves represents the monopoly demand curve?
(ii) What is the point on the diagram?
(iii) State the equilibrium price and quantity
(iv) Which area represent monopoly profits?
(c) If P\(_1\) q = 5 Naira and q\(_1\) = 50 units and C = 2 Naira, deter mine the monopoly profit.

Question 49:

• WAEC 2004

The table below represents the output level of a particular firm producing soft drinks. Use the information in the table to answer the questions that follow.

output (units)

0

12

23

36

48

58

Give the cost equation of the firm in Naira as C = 20 + 2q where C is total cost and q is quantity produced, calculate:
(a) The total cost of producing: (i) 12 units of output (ii) 36 units of output.
(b) The average cost when: (i) 48 units were produced (ii) 58 units were produced.
(c) The marginal cost when: (i) 23 units were produced (ii) 36 units were produced.
(d) If the firm is operating in a perfectly competitive market and the market price is N5 per unit, determine the profit when: (i) 23-units are produced (ii) 48 units are produced.

Question 50:

• WAEC 2004

(a) Explain any two causes of a declining population:
(b) Outline any three factors which determine the size of your country's working population.