Waec Economics 2005 Past Questions and Answers

Question 51:

• WAEC 2005

The diagram above illustrates the demand for and supply of maize. Use the information in the diagram to answer the questions that follow
(a) (i) What is the total revenue of the farmer at the initial equilibrium?
(ii) Calculate the total revenue of the farmer if the supply curve shifts to S\(_1\)S\(_1\)
(b) What change occurs in the total revenue of the farmer when the price falls from 100 Dollars to 40 Dollars per tonne?
(b) (i)Use the figures in the diagram to determine the price elasticity of demand for maize (u) Interprete your answer.
(c) Give two reasons for the shift of the supply curve from SS to S\(_1\)S\(_1\)

Question 52:

• WAEC 2005

The Table below relates to the supply of labour in response to the given wage rates Use the information in the table to answer the questions that follow .

Wage rate ($ per hour)	Hours worked (per day)	Income per day (S)
10	-	10
20	-	60
30	-	150
40	6	-
50	4	-
60	3	-

(a) Determine the number of hours of work per day if the wage rate is (i) $10 per day (ii) $20 per day (16) $30 per day
(b) Calculate the income per day when the wage rate is (i) $40 (ii) $50 (iii) 60
(c) (i) Which wage rate per hour attracts the highest earnings?
(ii) Name the type of supply curve that can be associated with the data in the table.
(iii) Explain the nature of the supply curve named in (c)(ii)

Question 53:

• WAEC 2005

(a) What are capital goods.
(b) Explain the problems associated with the distribution of goods in your country.

Question 54:

• WAEC 2005

(a) Explain the term net migration.
(b) Describe any four economic effects of rural to urban migration in your country.

Question 55:

• WAEC 2005

(a) Outline any two differences between monopoly and perfect competition
(b) State any four entry barriers that can prevent the emergence of competitive firms.