2016
Explain the following National Income concepts:(a) Gross Domestic Product (GDP); (4 marks)(b) Gross National Product (GNP); (4 marks)(c) Cost of living; (4 marks)(d) Per Capita income; (4 marks)(e) Standard of living; (4…
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2016 WAEC SSCE Economics Past Questions
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2016
(a) Who is a discriminating monopolist. (2 marks)(b) Explain any four conditions necessary for a monopolist to practise price discrimination. (12 marks).(c) Explain any two benefits enjoyed by a discriminating monopolist…
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2016
(a) Define: (i) Building Society (2marks); (ii) Central Bank. (3marks)(b) Highlight any five instruments of the Central Bank in regulating the supply of money. (15marks).
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2016
(a) What is price elasticity of supply? (2 marks)(b) Differentiate between joint supply and competitive supply. (6 marks)(c) Explain any four determinants of elasticity of supply. (12 marks)
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2016
(a) What is: (i) peasant farming? (2marks) (ii) Co-operative farming?(3marks)(b) Identify any five ways through which government can assist peasant farmers. (15 marks).
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2016
(a) What is production possibility curve? (3marks)(b) Draw a production possibility curve and indicate any: (i) Point P, where resources are fully utilized; (ii) Point U, where resources are under utilized; (iii) Point X…
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2016
The utility schedule of a consumer for a brand of ice cream is shown in the table below. Use the information to answer the questions that follow: Units Consumed (Q)Total Utility (TU)Marginal Utility (MU)00-11010219R3P643…
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2016
The following data shows the budget of hypothetical country in2006. Study data and answer the questions that follow: Revenue[$ million] Company tax 240 Workers' income tax 160 Excise duties 80 Taxes on exports 100 Value…
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2016
Which of the following cannot be classified as land in economics
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2016
In a socialist economy, prices of commodities are determined by
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2016
Scale of preference is important for the following reasons except in
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2016
Human wants are insatiable because wants are
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2016
If the quantity of men's hat demanded per week is represented by the function Qd=20-\(\frac{1}{3}\)P, where P is price, how many hats are demanded when the price is $9.00?
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2016
What effect will an increase in price have on the total revenue of a firm whose product has inelastic demand? total revenue will
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2016
The demand curve for necessity is usually
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2016
What is the ratio of expenditure on health to agriculture?
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2016
A country allocation to various sectors of the economy is shown in the pie chat below, use it to answer the question.If the budget of the country was $7,200, how much is allocated to Education?
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2016
How does producers expectation of a price fall affect the supply curve of a product? There will be
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2016
The supply of rice in tons is given by the fraction: Qs-80-0.7=0. Where Qs= Quantity supplied, P=price in naira.Find Qs, when P=N40
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2016
The tendency for workers to value their leisure hours more than hours of work as wage rate increases gives rise to
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