Waec Economics Past Questions and Answers

Question 831:

• WAEC 2004

(a) Explain any four reasons why small-scale farmers dominate agricultural production in your country
(b) Suggest any two measures that can be taken to encourage large scale farming in your country.

Question 832:

• WAEC 2004

(a) Distinguish between:
(i) a mortgage bank and a merchant bank.
(ii) a commercial bank and a development bank.
(b) Explain any four functions of commercial banks.

Question 833:

• WAEC 2004

(a) What is a tax?
(b) Describe any four principles of a good tax system.

Question 834:

• WAEC 2004

Explain each of the following terms:
(a) Export promotion
(b) Depreciation
(c) Terms of trade
(d) Balance of trade.

Question 835:

• WAEC 2005

Economic activities are undertaken to solve the problem of

A. Desire to spend more income on consumption
B. Opprotuinity cost
C. Production
D. Scarcity