Economics 2006 Waec Past Questions and Answers

Question 51 :

• WAEC 2006

Given that the prices and quantities supplied per period of time in litres of gasoline is expressed as Os = 25 + 0 25 P, Where Qs is quantity supplied, P is price
(a) Determine the quantity supplied when price per litre is (i) 0 Naira (it) 24 Naira (iii) 40 Naira (iv) 60 Naira (v) 80 Naira
(b) From your calculations in (a)(i) present the supply schedule (ii) draw the supply curve.

Question 52 :

• WAEC 2006

The pie chart below shows the age distribution of population in thousands of an island Y for the year 2000 The total population of the island is 245,000.
Use the information supplied to answer the questions that follow (Show all workings clearly)
(a) Calculate the number of persons in the different age groups
(b) What is the dependency ratio of the population?
(c) Give three implications of the above population structure

Question 53 :

• WAEC 2006

(a) Distinguish between wants and demand
(b) With the aid of diagrams show the effect on demand when (i) there is a reduction in the number of 2200 consumers (ii) prices of substitutes increase
(iii) there is a decrease in 0-16 years the price of the commodity

Question 54 :

• WAEC 2006

(a) What is an economic system?
(b) Outline any four features of a capitalist economy.

Question 55 :

• WAEC 2006

(a) What is population census?
(b) Describe the problems faced in conducting a population census in your country.