Waec Economics Past Questions and Answers

Question 221:

• WAEC 1992

The situation where government revenue in a fiscal year is less than its expenditure is referred to as

A. Budget deficit
B. Balanced budget
C. Budget surplus
D. Budget statement
E. Unfavourable budget

Question 222:

• WAEC 1992

The situation where government revenue in a fiscal year is less than its expenditure is referred to as

A. Budget deficit
B. Balanced budget
C. Budget surplus
D. Budget statement
E. Unfavourable budget

Question 223:

• WAEC 1992

Land is often different from other factors of production because it

A. Is a free gift of nature
B. Constitutes one-third of the entire world
C. Has different grades
D. Is owned bt individuals
E. Is owned by government

Question 224:

• WAEC 1992

The values of different types of accounts held in Nigerian banks for the period 1984 to 1988

Year	1984	1985	1986	1987	1988
Savings	100	120	120	180	200
Current	65	75	70	100	130
Fixed deposit	40	45	60	145	50

Present the data above in the form of a component bar chart.

Question 225:

• WAEC 1992

(a) Define price elasticity.
(b) If at N 8.00 per tuber, twenty tubers were demanded and when the price fell to N 6. 00 per tuber, thirty tubers were demanded, what is the elasticity of the demand?