Waec Economics Past Questions and Answers

Question 586:

• WAEC 2000

West African countries have low level of economic development due to

A. Under-population
B. Inadequate labour
C. Failure to plan
D. Ineffective plan implementation

Question 587:

• WAEC 2000

Which of the following countries is not a member of the Economic Community of West African States (ECOWAS)?

A. Ghana
B. The Gambia
C. Cameroun
D. Guinea Bissau

Question 588:

• WAEC 2000

The pie chart here represents the hypothetical output of farmers in a country in a particular year. The total output of the crops was 72,000 tonnes.
(a) Calculate the quantity of each product.
(b) (i) By what quantity is the export crops greater than the food crops?
(ii) Which crop contributed the least and by what quantity?
(iii) Which crop has the highest output?

Question 589:

• WAEC 2000

(a) What is income elasticity of demand? The table below shows the various incomes and demand for different commodities.

Income (N)	Quantity Demanded (kg)
A 20,000	120
B 36,000	96
C 40,000	160
D 44,000	200
E 45,000	240
F 47,000	252

(b) Calculate the income elasticity between
(i) A and B
(ii) C and D
(iii) E and F
(c) What kind of good is between
(i) A and B?
(ii) C and D?

Question 590:

• WAEC 2000

(a) State the laws of demand and supply.
(b) With the aid of a diagram, explain the implications of a change in the quantity demanded of a commodity.