Waec Economics Past Questions and Answers

Question 1366:

• WAEC 2013

The output and cost of production of rice (in bags) are presented in the table below. Use the information in the table to answer the questions that follow.

Output of rice (in bags)	0	1	2	3	4
Total Variables Coat (TVC) $	0	5	7	10	20
Total Cost (TC) $	7	12	14	17	27

(a) Calculate the
(i) Average Fixed Cost (AFC) at output levels 0,2 and 4
(ii) Marginal Cost (MC) at all levels of output
(b) If the price of a bag of rice were $10,
(i) calculate the profit/loss at all levels of output.
(ii) at what output level(s) is the maximum profit made?
(c) Draw the marginal cost curve (the use of graph sheet is essential).

Question 1367:

• WAEC 2013

The table below shows the scale of preference of a student - Mr Smith whose disposable income is $7.00. Use the information in the table to answer the auestoins that follow.

Items needed	Price ($)
Textbook	5.00
Shirt	2.00
Shoes	3.00
Trousers	3.00
Notebook	1.00
School fees	7.00
Mattress	10.00

(a)(i) What will Mr. Smith spend his money on?
(ii) Explain your answer in 2(a)(i).
(b)(i) What is the opportunity cost of Mr. Smith's decision in 2(b)(i)?
(ii) Explain your answer in 2(b)(i).
(c)(i) If Mr. Smith's disposable income increases to $10.0, what will he spend it on?
(ii) What is the opportunity cost of the decision in 2(c)(i)?
(d) Define "scale of preference" and "opportunity cost".
(e) What is the importance of a scale of preference?

Question 1368:

• WAEC 2013

(a) What is:
(i) peasant farming?
(ii) commercial farming?
(b) Describe five ways in which agriculture contributes to the economic development of your country.

Question 1369:

• WAEC 2013

(a) Distinguish between small scale prodution and large scale production
(b) Describe any five internal economies of large scale production.

Question 1370:

• WAEC 2013

(a) Explain any four benefits of industrial development in an economy
(b) Outline any four measures that will encourage industrial growth in your country.