Waec Economics Past Questions and Answers

Question 1316:

• WAEC 2012

(a) With the aid of a diagram, explain a minimum price. [5 marks]
(b) State any five measures by which a minimum price for an agricultural produce can be made effective. [15 marks]

Question 1317:

• WAEC 2012

(a) What is a supply schedule? [2 marks]
(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. [12 marks]
(c) State three examples of exceptional demand. [6 marks]

Question 1318:

• WAEC 2012

Distinguish between the following:
(a) wants and effective demand; [5 marks]
(b) demand schedule and demand e; [5 marks]
(c) individual demand and market demand, [5 marks]
(d) change in demand and change in quantity demanded. [5 marks]

Question 1319:

• WAEC 2013

The action of government to forgo road construction in order to provide more health facilities denotes

A. Sound economic decision
B. Opportunity cost
C. Practicable government policy
D. Scale of preference

Question 1320:

• WAEC 2013

The action of government to forgo road construction in order to provide more health facilities denotes

A. Sound economic decision
B. Opportunity cost
C. Practicable government policy
D. Scale of preference