2012
(a) Describe the output method of measuring the gross domestic product of a country. [6 marks](b) How is the net national product at factor cost obtained from gross domestic product? [8 marks](c) State two problems assoc…
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2012 WAEC SSCE Economics Past Questions
2012
Distinguish between the following:(a) wants and effective demand; [5 marks](b) demand schedule and demand e; [5 marks](c) individual demand and market demand, [5 marks](d) change in demand and change in quantity demanded…
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2012
(a) What is a supply schedule? [2 marks](b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules. [12 marks](c) State three examples of exceptional demand. [6 mark…
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2012
(a) With the aid of a diagram, explain a minimum price. [5 marks](b) State any five measures by which a minimum price for an agricultural produce can be made effective. [15 marks]
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2012
(a) Define market in economics. [2 marks](b) State any three features of a monopoly. [9 marks](c) Outline any ee sources of monopoly power. [9 marks]
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2012
(a) Define: (i) elasticity of demand; [2 marks] (ii) price elasticity of demand. [2 marks](b) State any four determinants price elasticity of demand. [12 marks](c) Draw curves illustrating (i) fairly elastic demand; [2 m…
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2012
(a) Distinguish between economic activities and an economic system. [5 marks](b) Explain the following terms: (i) production; [5 marks] (ii) distribution; [5 marks] (iii) consumption15 marks]
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2012
(a) Define money. [2 marks](b) State the three motives for holding money. [6 marks](c) Mention two determinants each of the motives for holding money. [12 marks
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2012
(a) State and explain the law of comparative cost advantage. [12 marks](b) Give two limitations of the law as a theory of international trade. [8 marks]
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2012
Explain how the following factors will affect the demand for a commodity X:(a) a decrease in the price of a implement Y; [5 marks](b) an increase in consumers' disposable income; [5 marks](c) a decrease in the apply of a…
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2012
The tables below show the expected revenues and projected expenditures from the budget of a hypothetical country in 1998. Use the information in the tables to answer the questions that follow. EXPECTED REVENUEITEM AMOUNT…
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2012
The diagram below represents the cost and revenue situation of a firm. Use the information in the diagram to answer the questions that follow.(a) Why would the firm not produce at (i) Q\(_1\) (ii) Q\(_3\) ? [6 marks](b…
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2012
Which of the following problems arises where are more than one technically possible methods of production
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2012
Which of the following best describes the mode? the
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2012
A condition for consumer utility maximization is
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2012
If a 6% decrease in price results in more than 6% decrease in quantity supplied, supply can be regarded as
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2012
A shift in the demand curve indicates
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2012
Visible balance is also known as
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2012
Any price below the equilibrium price will lead to
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2012
A decrease in the demand for a product X resulted in a decrease in a decrease in the demand for another product Y. The demand for X and Y is
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