Waec Economics Past Questions and Answers

Question 1541:

• WAEC 2016

(a) What is production possibility curve? (3marks)
(b) Draw a production possibility curve and indicate any:
(i) Point P, where resources are fully utilized;
(ii) Point U, where resources are under utilized;
(iii) Point X, where production is not feasible. (8 marks)
(c) Explain any two factors that can make production at Point X feasible. (6marks).
(d) Why is the production possibility curve negatively sloped? (3marks)

Question 1542:

• WAEC 2016

(a) What is:
(i) peasant farming? (2marks)
(ii) Co-operative farming?(3marks)
(b) Identify any five ways through which government can assist peasant farmers. (15 marks).

Question 1543:

• WAEC 2016

(a) What is price elasticity of supply?(2marks)
(b) Differentiate between joint supply and cometitive supply.(6marks)
(c) Explain any four determinants of elasticity of supply. (12marks)

Question 1544:

• WAEC 2016

(a) Define:
(i) Building Society (2marks);
(ii) Central Bank. (3marks)
(b) Highlight any five instruments of the Central Bank in regulating the supply of money. (15marks).

Question 1545:

• WAEC 2016

(a) Who is a discriminating monopolist. (2 marks)
(b) Explain any four conditions necessary for a monopolist to practise price discrimination. (12 marks).
(c) Explain any two benefits enjoyed by a discriminating monopolist. (6 marks)