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Economics WAEC Past Questions

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1501

(a) What is population census? 
(b) Describe the problems faced in conducting a population census in your country. 

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1502

(a) What is elasticity of supply? 
(b) when is supply elastic? 
(c) Explain any four factors that influence elasticity of supply.

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1503

(a) Why would a producer (i) enter a competitive market? (ii) leave a competitive market? 
(b) In what two ways do consumers benefit from perfect competition? 
(c) Give the two conditions necessary for profit maximization for a perfectly competitive firm. 

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1504

(a) Explain the following strategies of industrialization: 
(i) import substitution (ii) export promotion 
(b) Highlight any four objectives of industrial development programmes in your country. 

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1505

(a) Explain the following: (i) Peasant farming (ii) commercial farming (iii) State farming 
(b) In what two ways will increased commercial farming contribute to the development of the economy of your country?

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