Waec Economics 2004 Past Questions and Answers

Question 51:

• WAEC 2004

(a) Describe each of the following:
(i) Abnormal demand
(ii) Effective demand
(b) Give three reasons for the occurrence of abnormal demand.

Question 52:

• WAEC 2004

(a) Outline any two objectives of a price control policy.
(b) Highlight any three effects of a maximum price control policy.

Question 53:

• WAEC 2004

(a) What are public corporations?
(b) State any four merits of public corporations.

Question 54:

• WAEC 2004

(a) Distinguish between:
(i) a firm and an industry.
(ii)location and localization of industry.
(b) Describe any four factors which influence the location of industries in your country.

Question 55:

• WAEC 2004

(a) Explain any four reasons why small-scale farmers dominate agricultural production in your country
(b) Suggest any two measures that can be taken to encourage large scale farming in your country.