Waec Economics 2010 Past Questions and Answers

Question 46:

• WAEC 2010

A country's balance of payment is deficit when

A. A country's payment for imports of visible goods are greater than her receipts from exports of visible goods
B. The total receipts from her exports of visible and invisible goods are greater than her payments for visible and invisible imports
C. It can record a surplus on current account of her balance of payment accounts
D. The total payment for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods

Question 47:

• WAEC 2010

In order to stabilize oil price in the world market, there is the need for OPEC members to

A. Always have budget deficit
B. Encourage competition among themselves
C. Adhere to production quotas
D. Fix the price of non-oil products

Question 48:

• WAEC 2010

Which of the following is not a member of the Economic Community of West African State (ECOWAS)?

A. Cape Verde
B. Senegal
C. Cameroon
D. Niger

Question 49:

• WAEC 2010

Which of the following is not an international economic organization?

A. Economic Commission for Africa (ECA)
B. African Development Bank (ADB)
C. World Health Organization (WHO)
D. International Monetary Fund (IMF)

Question 50:

• WAEC 2010

The table below represents a travellers's consumption of bottles of Coca-Cola. Study the table carefully and answer the questions that follow.

No. of Bottles	Total Utility	Marginal Utility
1	15	15
2	29	F
3	42	13
4	D	12
5	65	G
6	75	H
7	E	0

(a) Complete the missing figures D, E, F, G and H (5 marks)
(b) Draw the demand curve for the traveler's consumption of Coca-Cola. (The use of a graph sheet is essential) [10 marks]
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveler's demand curve. [5 marks]