Waec Economics Past Questions and Answers

Question 271:

• WAEC 1993

One-man business is popular in West Africa because of all the following , except the

A. Ease of entry
B. Small capital required
C. Limited enterpreneur skills needed
D. Ease of decision making
E. Tendency to become joint-stock companies

Question 272:

• WAEC 1993

Which of the following is not a reason why statutory are run only by the government?

A. The duplication of some services will lead to resource wastage
B. All corporation provides services which individuals cannot provide
C. Essential services must be provided irrespective of the economic system adopted
D. Some corporations require large financial capital which may not be easy to acquire by individuals
E. There is need to protect consumers from exploitation

Question 273:

• WAEC 1993

(a) Explain each of the following measures of central tendency
(i) mean;
(ii) median;
(iii) mode
(b) Calculate the mean, median and mode of the following set of numbers: 21, 22, 23,24, 25, 26, 23, 28, 29, 30, 24, 31, 34, 23

Question 274:

• WAEC 1993

What are the factors that determine the price elasticity of demand for a commodity?

Question 275:

• WAEC 1993

What are the likely reasons for government participation in the location of industries in Nigeria?