Waec Economics Past Questions and Answers

Question 1786:

• WAEC 2019

a. Distinguish between the following pairs of concepts
i. elastic demand and inelastic demand
ii. Income elasticity of demand and cross elasticity of demand.
b. Using diagrams, explain how an increase in price will affect the total revenue of a producer if demand for his product is:
i. price elastic
ii. price inelastic

Question 1787:

• WAEC 2019

a. What is public debt?
b. Outline any three reasons why counties borrow.
c. Highlight any three effects of a huge national debt on the economy of a country.

Question 1788:

• WAEC 2019

a. Distinguish between:
i. Growing population and a declining population
ii. overpopulation and underpopulation.
b. Explain any four disadvantages of a rapidly growing population in an economy

Question 1789:

• WAEC 2020

Organization and entrepreneurship are vested in diferrent persons in a ____________

A. Cooperative society
B. Sole proprietorship
C. Partnership
D. Public company.

Question 1790:

• WAEC 2020

The public sector in a mixed economy is not always because of ____________

A. Bureaucratic practice
B. The desire to make huge change
C. Annual planning of activities
D. The activities of shareholders