Waec Economics Past Questions and Answers

Question 521:

• WAEC 1999

The most common form of business enterprise in West Africa is the

A. Sole proprietorship
B. Co-operative
C. Partnership
D. Joint stock company

Question 522:

• WAEC 1999

in order to boost agriculture, West African countries should pay more attention to

A. Shifting cultivation
B. Animal husbandry
C. Seed multiplication
D. Mechanization

Question 523:

• WAEC 1999

Gross National Product (GNP) less depreciation is known as

A. Gross Domestic Products
B. Gross National Income
C. Fixed National Income
D. Net National Income

Question 524:

• WAEC 1999

West African economy can best be described as

A. Agricultural
B. Backward
C. Developed
D. Industrialized

Question 525:

• WAEC 1999

Given the demand function for commodity X Qd = 12 - 2P where Qd is the quantity demanded and P the price of the commodity.

P	6	5	4	3	2	1	0
Qd

Use the demand function to complete the table
(b) Draw the individual's demand curve (use of graph paper is essential
(c) What is the maximum quantity the individual can buy of commodity X per unit of time?
(d) What is the relationship between quantity demanded and price in the function Qd = f(P)?