Waec Economics Past Questions and Answers

Question 1311:

• WAEC 2012

(a) State and explain the law of comparative cost advantage. [12 marks]
(b) Give two limitations of the law as a theory of international trade. [8 marks]

Question 1312:

• WAEC 2012

(a) Define money. [2 marks]
(b) State the three motives for holding money. [6 marks]
(c) Mention two determinants each of the motives for holding money. [12 marks

Question 1313:

• WAEC 2012

(a) Distinguish between economic activities and an economic system. [5 marks]
(b) Explain the following terms:
(i) production; [5 marks]
(ii) distribution; [5 marks]
(iii) consumption15 marks]

Question 1314:

• WAEC 2012

(a) Define:
(i) elasticity of demand; [2 marks]
(ii) price elasticity of demand. [2 marks]
(b) State any four determinants price elasticity of demand. [12 marks]
(c) Draw curves illustrating
(i) fairly elastic demand; [2 marks]
(ii) perfectly inelastic demand. [2 marks]

Question 1315:

• WAEC 2012

(a) Define market in economics. [2 marks]
(b) State any three features of a monopoly. [9 marks]
(c) Outline any ee sources of monopoly power. [9 marks]