Waec 2008 Economics Past Questions And Answers
A business outfit is said to be a public limited company when it
- A. is owned by the government
- B. operates as a public corporations
- C. is run by the public
- D. sells its shares to members of the public
The employer's demand curve for labour is represented by the
- A. marginal product curve of labour
- B. total product curve of labour
- C. average product curve of labour
- D. total cost curve of labour
The main characteristics of an ordinary shares are
- A. maximum risk, fixed dividends, voting rights
- B. minimum risks, fixed dividends, no voting rights
- C. maximum risks, variable dividends, voting rights
- D. minimum risks. fixed dividends, no voting rights
During a sale by auction, the price at which the goods finally sold is determined mostly by
- A. competition between buyers and sellers
- B. competition among buyers
- C. competition among sellers
- D. government policy
(a) Define the term limited liability [4 marks]
(b) Explain any four problems of statutory public corporations in your country [16 marks]
View Discussion (0)WAEC 2008 THEORYthe monopolist can determine
- A. price and output
- B. price only
- C. output only
- D. price or output
The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.
| Sectors | Amount ( $ Million) |
| Education | 6,250 |
| Mining | 2,150 |
| Agriculture | 4,300 |
| Communication | 2,400 |
| Health | 2,900 |
(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks]
(b) Distinguish between a budget surplus and a budget deficit. [8 marks]
equilibrium under perfect competition requires that
- A. MC = MR but AR< AC
- B. MR = MC = AR = AC
- C. AC = AR< MC
- D. TR< TC
Small scale enterprises are important in a country because
- A. they usually produce goods for the dependants
- B. they provide after-sales service only to the rich
- C. the price of their products are fixed
- D. they render personalized service to the consumers
A medium of exchange which is generally acceptable is
- A. bater
- B. a cheque
- C. government bond
- D. money