Waec Economics Past Questions and Answers

Question 526:

• WAEC 1999

The table below relates to the application of fertilizer to a fixed area of land and the production of maize. Use the table to answer the questions that follow.

Tones of fertilizer Applied	Total production in Bags	Marginal product
0	1,000	-
1	1,100	100
2	1,250	150
3	1,500	250
4	-	400
5	-	250
6	-	125
7	2,350	-
8	2,380	-
9	2,330	-

(a) What will be the total output of maize when no fertilizer is applied to the land?
(b) Calculate the total product after the application of the following quantities of fertilizer:
(i) 4 tonnes;
(ii) 5 tonnes;
(iii) 6 tonnes.
(c) Calculate the marginal product after the application of the following quantities of fertilizer:
(i) 7 tonnes;
(ii) 8 tonnes;
(iii) 9 tonnes.
(d) (i) After what level of the application of fertilizer does diminishing marginal returns occur?
(ii) After what level of fertilizer application will the total output decrease?

Question 527:

• WAEC 1999

What would be the economic consequences if prices were fixed by the government?

Question 528:

• WAEC 1999

Explain the advantages and disadvantages of a joint stock company as a form of business organization.

Question 529:

• WAEC 1999

What are the positive and negative effects of inflation on the economy?

Question 530:

• WAEC 1999

Distinguish between:
(a) Economic resources and non-economic resources.
(b) Want and Demand.
(c) Money Cost and Real Cost.