Waec Economics 2008 Past Questions and Answers

Question 56:

• WAEC 2008

(a) What is supply? [5 marks]
(b) Describe any five determinants of supply. [15marks]

Question 57:

• WAEC 2008

(a) Define the term limited liability [4 marks]
(b) Explain any four problems of statutory public corporations in your country [16 marks]

Question 58:

• WAEC 2008

Give four reasons why the governments of West African countries have found the policy of privatization attractive. [20 marks]

Question 59:

• WAEC 2008

(a) What is a market? [4 marks]
(b) Explain the main features of a perfectly competitive market. [16 marks]

Question 60:

• WAEC 2008

(a) Define the profit of a firm [4 marks]
(b) With appropriate formula, explain the following revenue and cost concepts:
(i) total revenue (TR); [4 marks]
(ii) average revenue (AR): [4 marks]
(iii) marginal revenue (MR); [4 marks]
(iv) average fixed cost (AFC). [4 marks]