Economics 2013 Waec Past Questions and Answers

Question 51 :

• WAEC 2013

(a) Distinguish between small scale prodution and large scale production
(b) Describe any five internal economies of large scale production.

Question 52 :

• WAEC 2013

(a) Explain any four benefits of industrial development in an economy
(b) Outline any four measures that will encourage industrial growth in your country.

Question 53 :

• WAEC 2013

(a) Differentiate between direct and indirect taxation
(b) Highlight any five advantages of indirect taxation to developing countries

Question 54 :

• WAEC 2013

(a) What is competitive supply?
(b) With the aid of illustrations, differentiate between a supply schedule and a supply curve.
(c) Explain how the supply of a commodity is affected by the following:
(i) an improvement in technology;
(ii) a rise in input prices;
(iii) a rise in the prices of other commodities;
(iv) an increase in government subsidies on production.

Question 55 :

• WAEC 2013

(a) State two characteristics of monopolistic competition.
(b) With the aid of diagram(s), explain why a firm in monopolistic competition is unable to earn abnormal profits in the long run.
(c) Differentiate between natural monopoly and legal monopoly.