WAEC 2023 Economics | Essay

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Question 1 View Details
The equilibrium position of a firm is illustrated in the diagram below. Study the diagram and answer the questions that follow.
Question Parts
(a)
Determine the firm's:
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Question 2 View Details
Table 1 below represents the output levels of a firm producing hand sanitizer. Use the information to answer the questions that follow.
Question Parts
(a)
If the cost function of the firm is given as C = 30 + 4q, where C is the total cost, and q is the units produced, calculate the:
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Question 3 View Details
Distinguish between:
Question Parts
(a)
economic cost and opportunity cost;
(b)
Explain how the scale of preference assists the following economic groups in making efficient allocation of their resources:
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Question 4 View Details
Define economic system.
Question Parts
(a)
Distinguish between a capitalist economy and a socialist economy under the following:
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Question 5 View Details
Differentiate between a sole proprietorship and a partnership.
Question Parts
(a)
List four characteristics of a sole proprietorship.
(b)
Outline four advantages of a public limited liability company.
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Question 6 View Details
Define location of industry.
Question Parts
(a)
Explain how the following factors influence where an industry is sited:
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Question 7 View Details
Define Gross Domestic Product (GDP).
Question Parts
(a)
Describe the output approach as a method of computing national income.
(b)
Identify any three problems associated with the expenditure approach of calculating national income.
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Question 8 View Details
What is an embargo?
Question Parts
(a)
Outline three reasons for imposing tariffs on imports.
(b)
Explain any three reasons against the use of tariffs.
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