Waec Economics Past Questions and Answers

Question 1426:

• WAEC 2014

The table below presents the price and quantity supplied by a palm oil producer. Use the information in the table to answer the following questions.

Price ($)	Quantity Supplied (gallons)
6	200
12	300
18	400
20	500
24	600

(a) If the price of palm oil falls from $20.00 to $18.00, calculate the price elasticity of supply. (4 arks)
(b) Interpret your answer in question 2(a) above. (2 marks)
(c) Study the extract below and answer the following questions. The price of palm oil remains at $6.00 per gallon and an increase in the price of a related product causes an increase in the supply of palm oil:
(i) Give a graphical presentation to illustrate this change. (6 marks)
(ii) Indicate the type of supply for the two products. (2 marks)
(d) State reasons that can cause a change in supply. (6 marks)

Question 1427:

• WAEC 2014

(a) Define occupational mobility of labour. (2 marks)
(b) Identify any four barriers to occupational mobility of labour. (12 marks)
(c) State any two factors that will make labour efficient. (6 marks)

Question 1428:

• WAEC 2014

(a) What is crop farming? (2 marks)
(b) Outline any four measures that can be adopted to increase crop production in your country. (12 marks)
(c) State any two contributions of the industrial sector to agriculture in your country. (6 marks)

Question 1429:

• WAEC 2014

(a) Highlight any four differences between public limited liability company and a private limited liability company. (8 marks)
(b) Explain any four advantages a limited liability company. (2 marks)

Question 1430:

• WAEC 2014

(a) Define gross national income. (2 marks)
(b) Using appropriate examples, distinguish between:
(i) Personal income and disposable income. (6 marks)
(ii) Nominal income and real income. (6 marks)
(c) Outline any three uses of national income statistics. (6 marks)