2023
a. What is an embargo? b. Outline any **three* reasons for imposing tariffs on imports c. Explain any three reasons against the use of tariffs
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2023 WAEC SSCE Economics Past Questions
2023
a. Define Gross Domestic Product (GDP) b. Describe the output approach as a method of computing national income c. Identify any three problems associated with the expenditure approach of calculating national income
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2023
a. Define location of industry b. Explain how the following factors influence where a firm is sited: i. raw materials ii. market iii. government policy c. Outline three advantages of localization of industry
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2023
a. Differentiate between a sole proprietorship and a partnership b. List four characteristics of a sole proprietorship c. Outline four advantages of a public limited liability company.
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2023
a. Define economic system b. Distinguish between a capitalist economy and a socialist economy under the following: i. aim of production ii. consumer sovereignty iii. competition c. State three features of land as a fact…
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2023
a. i. Distinguish between: money cost and opportunity cost ii. Distinguish between: normal good and inferior goods b. i. Explain how the scale of preference assists the following economic groups in making efficient allo…
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2023
a. i. Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow. Table 1 Output (units) 0 10 18 28 36 45 If the cost functi…
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2023
a. The equilibrium position of a firm is illustrated in the diagram above. Study the diagram and answer the questions that follows: i. equilibrium output level ii. equilibrium price b. At equilibrium output level, cal…
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2023
Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?
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2023
A joint stock company enjoys perpetual existence because
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2023
A country is described as developing if
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2023
Trade protection will assit economic growth in developing countries if it can
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2023
Tariffs, quotas and embargoes are examples of
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2023
The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?
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2023
When more of tax on a product is borne by the buyer than the seller, the commodity involved has
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2023
The fixing of maximum prices by government is mainly on
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2023
Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the
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2023
The most liquid asset among the following is
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2023
The average revenue curve of a firm in a perfect market is the same as the
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2023
Taxes levied on goods and services by government are called
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