2010 Economics WAEC Theory Past Questions
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Question 1 of 12
1. Question
The table below represents a traveler’s consumption of bottles of Coca-Cola.
Study the table carefully and answer the questions that follow.
(a)
Complete the missing figures D, E, F, G, and H.(b)
Draw the demand curve for the traveler’s consumption of Coca-Cola.
(The use of a graph sheet is essential).(C)
Explain the law of diminishing marginal utility as the basis for the slope of the traveler’s demand curve.-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 2 of 12
2. Question
The table below represents the cost function of a poultry farm. The price of a crate of egg. is
$21. Use the information contained in the table to answer the questions that follow.
(a)
What is the fixed cost of the farm?(b)
(i) Calculate the marginal cost at each level of output(ii) What is the profit maximizing output of the farm?
(c)
Draw the demand curve for the farm-
This response will be reviewed and graded after submission.
Grading can be reviewed and adjusted.Grading can be reviewed and adjusted. -
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Question 3 of 12
3. Question
With an appropriate illustration, explain the circumstance in which an increase in output of a producer would
(a)
decrease his sales revenue(b)
increase his sales revenue.-
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Question 4 of 12
4. Question
(a)
Define increase in supply(b)
With the aid of diagrams, explain the effect of an increase in the supply of fish on the price of beef.-
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Question 5 of 12
5. Question
(a)
What is the equilibrium of a consumer?(b)
Explain how a consumer attains equilibrium in spending his income.-
This response will be reviewed and graded after submission.
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Question 6 of 12
6. Question
(a)
Explain with examples the following types of production:
(i) Primary
(ii) Secondary
(iii) Tertiary(b)
Give two reasons why primary production predominates in developing countries.-
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Question 7 of 12
7. Question
(a)
What is a partnership?(b)
State any two advantages and any two disadvantages of a partnership-
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Question 8 of 12
8. Question
(a)
What is privatization?(b)
Give four reasons for government participation in economic activities in your country-
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Question 9 of 12
9. Question
(a)
Distinguish between location of industries and localization of industries(b)
Describe any three advantages and any two disadvantages of locating industries in rural areas-
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Question 10 of 12
10. Question
(a)
Explain the function of money as a
(i) measure of value
(ii) store of value(b)
Show how inflation affects these two functions of money-
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Question 11 of 12
11. Question
(a)
What is a commercial bank?(b)
Describe any four ways by which the Central Bank controls the amount of credit given by the commercial banks-
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Question 12 of 12
12. Question
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