Waec Economics 2008 Past Questions and Answers

Question 51:

• WAEC 2008

The Economic Commission for Africa is an agency of the

A. Organization of African Unity
B. African Development Banks
C. European Union
D. United Nation Organization

Question 52:

• WAEC 2008

The demand function for a commodity is given as Qd = 21 - 3p.
(a) Use the demand function to complete the table below. [6 marks]

Price $	0	1	3	4	5	6
Quantity demanded (Kg)

(b) Draw the demand curve for the completed schedule in 1(a) (Use of graph sheet is essential) [8 marks]
(c) Outline any three factors affecting demand [6 marks]

Question 53:

• WAEC 2008

The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.

Sectors	Amount ( $ Million)
Education	6,250
Mining	2,150
Agriculture	4,300
Communication	2,400
Health	2,900

(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks]
(b) Distinguish between a budget surplus and a budget deficit. [8 marks]

Question 54:

• WAEC 2008

Outline any five effects of high dependency ratio [20 marks]

Question 55:

• WAEC 2008

(a) Explain the term internal economies of scale. [4 marks]
(b) Outline any four economies of scale a firm enjoys as it grows in size. [16marks]