Waec Economics Past Questions and Answers

Question 96:

• WAEC 1989

What is the mode and when is it a suitable average to use? State its disadvantages.

Question 97:

• WAEC 1989

Given that quantity demanded per period of time is a function of price and that the relation is expressed as: Q = 60 - 1/3 P, where Q is quantity demanded and P is the price,
(a) Find the quantity demanded when price is :
(i) N30.00;
(ii) N210.00;
(iii) NO.00.
(b) comment on (a) (ii) above.
(c) suppose the relation is now expressed as P = N (180 - 3Q); find P when:
(i) Q = 0;
(ii) Q = 60;
(iii) Q = 59.

Question 98:

• WAEC 1989

The table below shows the age distribution of hypothetical population.

Age	No. of people (million)
Under 20	20.90
20 - 29	13.75
30 - 59	12.10
60 and above	8/25
Total	55.00

Present this information in the form of a pie chart. Show your workings clearly.

Question 99:

• WAEC 1990

Economics can be best defined as the study of

A. How to spend the family income efficiently
B. How to find minimum cost of production
C. The interpretation of scarce resourceand date
D. How scarce resource can be used efficiently
E. Why resource are scarce

Question 100:

• WAEC 1990

Economics can be best defined as the study of

A. How to spend the family income efficiently
B. How to find minimum cost of production
C. The interpretation of scarce resourceand date
D. How scarce resource can be used efficiently
E. Why resource are scarce