Waec Economics Past Questions and Answers

Question 706:

• WAEC 2002

The table below shows the supply and demand for kilograms of maize per month in thousands. Use the information in the table to answer the questions that follow.

Quantity supplied (000)	Price per thousand kilogram ($)	Quantity Demanded (000)
16	3.00	3
13	2.50	5
9	2.00	9
6	1.50	14
3	1.00	19
1	0.50	26

(a) (i) If the government fixed the price of maize at $1.50 per thousand kilogram, what will be the excess demand for maize
(ii) If the government fails to enforce the fixed price, what will happen to the price of maize
(b) How can the government maintain a fixed price of $3.00 per thousand kilogram for maize?
(c) In relation to the equilibrium price, what will be the effects on the quantities demanded and supplied if the government enforced a fixed price of $1.00?

Question 707:

• WAEC 2002

The following data relate to a closed economy of a country where all production takes place in two firms. Use the information in the table to answer the questions that follow:

Items	Firm A (in 000 Dollars)	Firm B (in 000 Dollars)
Sales	200	400
Raw material	100	60
Labour costs	80	160
Depression	16	40
Profits	4	140

(a)(i) Which of the items listed above is an intermediate input?
(ii) What happens to intermediate inputs in the calculation of the national income?
(iii) Calculate the Gross Domestic Product (GDP) of the country.
(b)(i) Calculate the total amount of depreciation of the country
(ii) Calculate the Net Domestic Product of the country.

Question 708:

• WAEC 2002

What factors limit the size of indigenous firms in West Africa

Question 709:

• WAEC 2002

Explain the factors which influence the level of wages in your country.

Question 710:

• WAEC 2002

(a) Distinguish between fixed and variable costs.
(b) Under which conditions will a firm continue to operate at a loss in the short run? (Use figures or a diagram to explain your answer).