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Economics 1996 WAEC Past Questions

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36
An economic system in which most means of production are owned and controlled by the State is known as a
  • A. socialist economy
  • B. capitalist economy
  • C. mixed economy
  • D. political economy
  • E. feudal economy
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37

In what ways can the government improve agricultural production in Nigeria? 

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38

 Define ageing population and explain its effects on an economy. 

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39

 Explain any three weapons that can be used by a trade union and any two weapons that can be used by an Employers' Association during a trade dispute. 

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40

Utility schedule

Quantity of goods consumed Total Utility Marginal Utility
0 0 0
1 10 10
2 16 -
3 - 4
4 - -
5 23 1
6 23 -

(a) Complete the above utility schedule
(b) Draw the marginal utility curve
C(i) At what quantity does TU equal MU?
(II) What is the value of MU when TU reaches the maximum?
(iii) What happens to the values of TU as the quantity consumed increases?
(iv) What happens to the values of MU as the quantity consumed increases? 

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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts