Waec Economics 2014 Past Questions and Answers

Question 51:

• WAEC 2014

(a) Define occupational mobility of labour. (2 marks)
(b) Identify any four barriers to occupational mobility of labour. (12 marks)
(c) State any two factors that will make labour efficient. (6 marks)

Question 52:

• WAEC 2014

(a) What is crop farming? (2 marks)
(b) Outline any four measures that can be adopted to increase crop production in your country. (12 marks)
(c) State any two contributions of the industrial sector to agriculture in your country. (6 marks)

Question 53:

• WAEC 2014

(a) Highlight any four differences between public limited liability company and a private limited liability company. (8 marks)
(b) Explain any four advantages a limited liability company. (2 marks)

Question 54:

• WAEC 2014

(a) Define gross national income. (2 marks)
(b) Using appropriate examples, distinguish between:
(i) Personal income and disposable income. (6 marks)
(ii) Nominal income and real income. (6 marks)
(c) Outline any three uses of national income statistics. (6 marks)

Question 55:

• WAEC 2014

(a) What is the normal chain of distribution? (2 marks)
(b) State any three functions of middlemen in the chain of distribution. (6 marks)
(c) Highlight any four problem involved in the distribution of goods in West Africa. (12 marks)