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3791

(a) With the aid of a diagram, explain the effects of fixing a price (i) above the equilibrium price, 
(ii) below the equilibrium price [5 marks each]
(b) (i) What is an abnormal demand? [4 marks] (ii) Give two reasons for its occurrence [6 marks] 
 

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3792

Explain any five objectives of the Economic Community of West African States (ECOWAS). [20 marks] 

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3793

 Give five reasons for the continued existence of the Organization of Petroleum Exporting Countries (OPEC). [20 marks] 

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3794

The demand function for a commodity is given as Qd = 21 - 3p.
(a) Use the demand function to complete the table below. [6 marks]

Price $ 0 1 3 4 5 6
Quantity demanded (Kg)            

(b) Draw the demand curve for the completed schedule in 1(a) (Use of graph sheet is essential) [8 marks] 
(c) Outline any three factors affecting demand [6 marks] 

View Answer & Discuss WAEC 2008
3795

The table below shows the budgetary allocation of a country to selected sectors of the economy in a particular year. Study the table carefully and answer the questions that follow.

Sectors Amount ( $ Million)
Education 6,250
Mining 2,150
Agriculture 4,300
Communication 2,400
Health 2,900

(a) Present the above information contained in the table in the form of a pie chart. (Show your workings clearly). [12 marks] 
(b) Distinguish between a budget surplus and a budget deficit. [8 marks] 

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