Waec Economics 2011 Past Questions and Answers

Question 46:

• WAEC 2011

The supply situation for rice in country X over a period as shown in the table below. Use the information in the table to answer the questions that follow.

Period	Price ($)	Quantity supplied (bags)
December 2004	30	100
January 2007	40	150
April 2009	50	160

(a) Calculate the co-efficient of price elasticity of supply for rice between December 2004 and January 2007.
(b) Is the supply of rice elastic? Give a reason for your answer.
(c) State any three reasons which may cause an increase in the supply of rice,

Question 47:

• WAEC 2011

The following are the loans granted by a commercial bank to different categories of individuals. Use the information to answer the questions that follow: Bankers $8,000, Farmers $8,000, Miners $7,000, Retailers $5,000, Tailors $4,000 Teachers $6,000, Drivers $4,000, Fishermen $3 000.
(a) Arrange the information in the form of a table grouping the individuals into: (i) Primary sector; (ii) Secondary sector; (iii) Tertiary sector.
(b) Express the loan to each sector of a ratio of the total loan granted
(c) Present the total loans granted to the sectors in a simple bar chart, (Use of graph sheet is essential)

Question 48:

• WAEC 2011

(a) What is centrally planned economy?
(b) Outline any four features of a capitalist economy.

Question 49:

• WAEC 2011

(a) Define mobility of labour.
(b) Describe any four factors influencing the supply of labour.

Question 50:

• WAEC 2011

(a) What is international trade?
(b) Explain any four advantages of international trade.