Waec Economics 2006 Past Questions and Answers

Question 56:

• WAEC 2006

(a) What is elasticity of supply?
(b) when is supply elastic?
(c) Explain any four factors that influence elasticity of supply.

Question 57:

• WAEC 2006

(a) Why would a producer (i) enter a competitive market? (ii) leave a competitive market?
(b) In what two ways do consumers benefit from perfect competition?
(c) Give the two conditions necessary for profit maximization for a perfectly competitive firm.

Question 58:

• WAEC 2006

(a) Explain the following strategies of industrialization:
(i) import substitution (ii) export promotion
(b) Highlight any four objectives of industrial development programmes in your country.

Question 59:

• WAEC 2006

(a) Explain the following: (i) Peasant farming (ii) commercial farming (iii) State farming
(b) In what two ways will increased commercial farming contribute to the development of the economy of your country?

Question 60:

• WAEC 2006

(a) What is (i) commodity money? (ii) token money? (iii) fiduciary issue? (iv) quasi money?
(b) State any four functions of money.