WAEC 2025 Economics | Essay

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Question 1 View Details
Question Parts
(a)
Determine the firm's equilibrium price and output.
(b)
In what year(s) is the terms of trade favourable?
(c)
State any two likely reasons for the terms of trade position identified in 2(b).
(d)
If the balance of trade in 2022 is $4,662,500 and the current account balance is -$812,500, determine the country's balance of invisible trade. Explain your answer.
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Question 2 View Details
Question Parts
(a)
Distinguish between complementary goods and substitute goods.
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Question 3 View Details
Question Parts
(a)
Define minimum price control.
(b)
State any three reasons governments should introduce minimum prices for agricultural produce.
(c)
Discuss any three disadvantages of imposing minimum price control on agricultural produce.
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Question 4 View Details
Question Parts
(a)
Distinguish between real cost and explicit cost.
(b)
With an example each, distinguish between fixed input and variable input.
(c)
State any four types of short-run costs.
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Question 5 View Details
Question Parts
(a)
Define monopoly.
(b)
State any three factors that give rise to monopolies.
(c)
With the aid of a diagram, explain the supernormal profit position of a monopolist.
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Question 6 View Details
Question Parts
(a)
State any three instruments traded in the money market.
(b)
With a relevant example each, explain the condition under which a manufacturer will seek for funds from the: money market;
(c)
capital market;
(d)
Explain any three functions of Development banks.
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Question 7 View Details
Question Parts
(a)
What is a regressive system of taxation?
(b)
Explain the following principles of taxation: equity; certainty; economy.
(c)
Outline any three reasons why government imposes tax in a country.
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Question 8 View Details
Question Parts
(a)
What is a regressive system of taxation?
(b)
Explain the following principles of taxation:
(c)
Outline any three reasons why government imposes tax in a country.
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