Waec 1999 Economics Past Questions And Answers
income elasticity of demand is measurement of the responsiveness of
- A. price to change in income
- B. quantity demanded to change in income
- C. change in expenditure to change in income
- D. change in expenditure to change in price of the commodity
In a socialist economy, factors of production are owned and controlled by the
- A. citizens
- B. businessmen
- C. government
- D. foreigners
The establishment of industries in rural areas will help to reduce
- A. urban-rural migration
- B. urban-urban migration
- C. rural-urban migration
- D. rural-rural migration
Deflation can be controlled by increase in
- A. the bank rate
- B. income tax
- C. the price level
- D. the budget deficit
Distinguish between:
(a) Economic resources and non-economic resources.
(b) Want and Demand.
(c) Money Cost and Real Cost.
View Discussion (0)WAEC 1999 THEORYGovernment imposes taxes mainly to
- A. punish the citizens
- B. provide social amenities
- C. donates to poorer countries
- D. execute white elephant projects
The table below relates to the application of fertilizer to a fixed area of land and the production of maize. Use the table to answer the questions that follow.
| Tones of fertilizer Applied | Total production in Bags | Marginal product |
| 0 | 1,000 | - |
| 1 | 1,100 | 100 |
| 2 | 1,250 | 150 |
| 3 | 1,500 | 250 |
| 4 | - | 400 |
| 5 | - | 250 |
| 6 | - | 125 |
| 7 | 2,350 | - |
| 8 | 2,380 | - |
| 9 | 2,330 | - |
(a) What will be the total output of maize when no fertilizer is applied to the land?
(b) Calculate the total product after the application of the following quantities of fertilizer:
(i) 4 tonnes;
(ii) 5 tonnes;
(iii) 6 tonnes.
(c) Calculate the marginal product after the application of the following quantities of fertilizer:
(i) 7 tonnes;
(ii) 8 tonnes;
(iii) 9 tonnes.
(d) (i) After what level of the application of fertilizer does diminishing marginal returns occur?
(ii) After what level of fertilizer application will the total output decrease?
View Discussion (0)WAEC 1999 THEORYWhen price elasticity of supply is equal to 0.4, supply is said to be
- A. inelastic
- B. elastic
- C. unitary elastic
- D. public utilities
The main function of price in the economic system is to?
- A. allocate scarce resources among competing uses
- B. ensure equitable distribution of income and wealth
- C. determine the demand for and the supply of goods and services
- D. remove all the constraints on production of goods and services
Per capita income in any West African country is measured by
- A. dividing the GNP by total population
- B. adding the total savings to the GNP
- C. multiplying the GNP by the total population
- D. subtracting the GNP fron the GDP