Waec Economics 2016 Past Questions and Answers

Question 56:

• WAEC 2016

(a) What is price elasticity of supply?(2marks)
(b) Differentiate between joint supply and cometitive supply.(6marks)
(c) Explain any four determinants of elasticity of supply. (12marks)

Question 57:

• WAEC 2016

(a) Define:
(i) Building Society (2marks);
(ii) Central Bank. (3marks)
(b) Highlight any five instruments of the Central Bank in regulating the supply of money. (15marks).

Question 58:

• WAEC 2016

(a) Who is a discriminating monopolist. (2 marks)
(b) Explain any four conditions necessary for a monopolist to practise price discrimination. (12 marks).
(c) Explain any two benefits enjoyed by a discriminating monopolist. (6 marks)