Waec Economics Past Questions and Answers

Question 1706:

• WAEC 1996

An economic system in which most means of production are owned and controlled by the State is known as a

A. Socialist economy
B. Capitalist economy
C. Mixed economy
D. Political economy
E. Feudal economy

Question 1707:

• WAEC 1996

In what ways can the government improve agricultural production in Nigeria?

Question 1708:

• WAEC 1996

Define ageing population and explain its effects on an economy.

Question 1709:

• WAEC 1996

Explain any three weapons that can be used by a trade union and any two weapons that can be used by an Employers' Association during a trade dispute.

Question 1710:

• WAEC 1996

Utility schedule

Quantity of goods consumed	Total Utility	Marginal Utility
0	0	0
1	10	10
2	16	-
3	-	4
4	-	-
5	23	1
6	23	-

(a) Complete the above utility schedule
(b) Draw the marginal utility curve
C(i) At what quantity does TU equal MU?
(II) What is the value of MU when TU reaches the maximum?
(iii) What happens to the values of TU as the quantity consumed increases?
(iv) What happens to the values of MU as the quantity consumed increases?