Economics 2020 Waec Past Questions and Answers

Question 56 :

• WAEC 2020

(a) Distinguish between competitive demand and joint demand.
(b) Using diagrams, explain how the following factors will affect the equilibrium price and quantity of commodity R in the market
i. an increase in the price of the Complement of commodity R:
ii. an increase in the price of a substitute of commodity R
iii. imposition of an indirect tax on commodity

Question 57 :

• WAEC 2020

(a) Differentiate between subsistence farming and commercial farming.
(b) State four features of subsistence farming.
(c) Outlines two positive and two negative effects of mining on the economy of West African countries