Waec Economics Past Questions and Answers

Question 646:

• WAEC 2001

The main role of the Organization of Petroleum Exporting Countries (OPEC) is

A. Fixing oil production levels
B. Ensuring optimum production of oil
C. Promoting efficiency in the management of oil
D. Supply oil at affordable rates

Question 647:

• WAEC 2001

The table below shows the various possible combinations of military and civilian goods produced by a country, using the available resources and technology. Use the table to answer the questions that follow.

Military goods (in toons)	Civilian goods (in toons)
0	200
20	160
40	120
60	80
80	40
100	0

(a) Draw the production possibility curve (PPC).
(b) Indicate points S and K at which production is not feasible.
(c) Indicate points M and N at which resources are not efficiently utilized.
(d) What does the downward slope of the PPC indicate?
(e) Why is production not feasible at points S and K?

Question 648:

• WAEC 2001

Countries	Population (in million)	Gross National product (in million Dollars)
R	120	2,500
S	180	12,000
T	60	4,000
U	100	6,500
V	25	2,500

(a)(i) Calculate the per capita incomes of countries R, S, T, U and V.
(ii) Determine the range of the per capita incomes of the five countries.
(iii) Which one of the countries enjoyed the highest standard of living?
(b) Express the population of each of countries R, S, T, U and V as a percentage of the total population of all the countries.
(c) Draw a simple bar chart showing all the countries and their respective per capita incomes.

Question 649:

• WAEC 2001

Why are many West African countries trying to adopt a free market system?

Question 650:

• WAEC 2001

(a) What is under-population?
(b) Under what conditions will it be advantageous for a country to promote population growth?