Waec Economics Past Questions and Answers

Question 1481:

• WAEC 2015

The total fixed cost (TFC) and total cost (TC) functions of a hypothetical firm are shown in the graph below. Study it and answer the questions that follow:
(a) Determine the firm's
(i) variable cost at output levels 2, 4 and 6
(ii) average total cost at output levels 2 and 3
(iii) marginal cost at output levels 4 and 6
(b) If the price of the firm's product is $40, calculate the firm's profit or loss when the following units are sold:
(i) 2 units; (ii) 4 units

Question 1482:

• WAEC 2015

The table below shows the incomes and rates of income tax levied on four professionals in an economy.

Profession	Income per month($)	Tax rate %	Disposable income ($)
Doctor	8,000	10
Engineer	7,000	12
Civil servant	5,000	18
Nurse	6,000	15

Use the above data to answer the questions that follows:
(a) Calculate the disposable incomes of the four individuals
(b) What system of taxtation was employed?
(c) Give reasons for your answer in 2(b)
(d) With the aid of a diagram, explain the system of taxation employed in 2(b)

Question 1483:

• WAEC 2015

(a) What is a trade union?
(b) Describe any four functions of trade unions.
(c) Outline any two weapons used by trade unions to achieve their objectives.

Question 1484:

• WAEC 2015

(a) Outline any four objectives of a price control policy.
(b) Highlight any four effects of a maximum price control policy.

Question 1485:

• WAEC 2015

(a) What are infant industries?
(b) State any four reasons for protecting infant industries.
(c) Outline any three ways by which industries can be financed in West Africa.