Waec Economics 2007 Past Questions and Answers

Question 56:

• WAEC 2007

(a) State the law of diminishing return
(b) What is (i) marginal product (ii) average product?
(c) Explain any three factors that determine the size of firms.

Question 57:

• WAEC 2007

(a) Distinguish between labour and labour force.
(b) State four reasons for the differences in earnings among workers.

Question 58:

• WAEC 2007

Explain each of the following: (a) Nationalization, (b) Commercialization, (c) Privatization and (d) Joint ventures.

Question 59:

• WAEC 2007

(a) Outline any three disadvantages of monopoly
(b) In what two ways can monopoly be controlled?

Question 60:

• WAEC 2007

Explain:
(a) (i) supply of money (ii) Value of money
(b) highlight the three motives for holding money.