Economics 2012 Waec Past Questions and Answers

Question 56 :

• WAEC 2012

(a) Distinguish between economic activities and an economic system. [5 marks]
(b) Explain the following terms:
(i) production; [5 marks]
(ii) distribution; [5 marks]
(iii) consumption15 marks]

Question 57 :

• WAEC 2012

(a) Define:
(i) elasticity of demand; [2 marks]
(ii) price elasticity of demand. [2 marks]
(b) State any four determinants price elasticity of demand. [12 marks]
(c) Draw curves illustrating
(i) fairly elastic demand; [2 marks]
(ii) perfectly inelastic demand. [2 marks]

Question 58 :

• WAEC 2012

(a) Define market in economics. [2 marks]
(b) State any three features of a monopoly. [9 marks]
(c) Outline any ee sources of monopoly power. [9 marks]

Question 59 :

• WAEC 2012

(a) With the aid of a diagram, explain a minimum price. [5 marks]
(b) State any five measures by which a minimum price for an agricultural produce can be made effective. [15 marks]

Question 60 :

• WAEC 2012

(a) What is a supply schedule? [2 marks]
(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. [12 marks]
(c) State three examples of exceptional demand. [6 marks]