WAEC 2024 Economics | Essay

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Question 1 View Details
Question Parts
(a)
Identify the:
(b)
Calculate the percentage of the total tax imposed that is paid by:
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Question 2 View Details
The management of a fruit juice production company was directed by the shareholders to increase the price of the product. The management agreed and decided to increase the price of the fruit juice from $7 to $10 per unit, and this led to a fall in quantity demanded from 60 to 50 units.
Question Parts
(a)
Calculate the:
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Question 3 View Details
With the aid of relevant diagrams, distinguish between an increase in supply and an increase in quantity supplied.
Question Parts
(a)
Explain how a decrease in income tax will affect the demand for a normal good and an inferior good.
(b)
Explain how an increase in the supply of a substitute will affect the demand for a commodity.
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Question 4 View Details
Question Parts
(a)
Define the term distribution.
(b)
Outline three ways in which the retailer is important to the consumer.
(c)
Explain three disadvantages of the operation of middlemen in the distribution process.
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Question 5 View Details
Explain the following concepts:
Question Parts
(a)
(i) labour force; (ii) over-population; (iii) Mobility of labour; (iv) optimum population.
(b)
Outline four factors responsible for the rapid growth in the population of a country.
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Question 6 View Details
In recent times, developing countries that are predominantly agriculture-oriented are searching for ways of diversifying their economies. Many of these countries strive to exploit the available solid mineral deposits in their land as a means of promoting industrialization. In view of the above statement, define the term:
Question Parts
(a)
(i) industrialization; (ii) mineral resources.
(b)
Apart from promoting industrialization, identify any three benefits of exploiting mineral deposits.
(c)
Outline any three benefits of industrialization to a developing country.
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Question 7 View Details
Define Central Bank.
Question Parts
(a)
Outline three ways in which the Central Bank of a country can reduce money supply.
(b)
Explain how the Central Bank plays its role as:
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Question 8 View Details
Define economic development.
Question Parts
(a)
Highlight any three characteristics of a developing nation.
(b)
Explain any three measures a country can adopt to facilitate economic development.
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