WAEC Economics Past Questions & Answers

No explanation has been provided for this answer.

No explanation has been provided for this answer.

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No explanation has been provided for this answer.

Inadequate supply of labour is not a problem facing the Economic Community of West African States (ECOWAS).

ECOWAS is a regional economic community of 15 countries in West Africa. The countries in ECOWAS share a common goal of economic integration, and they have made significant progress in this area. However, there are still some challenges that the community faces, including language barriers, production of the same commodities, and poor transportation and communication.

Inadequate supply of labour is not one of the challenges facing ECOWAS. In fact, the region has a large and growing labor force. This is due to the high population growth rates in many of the ECOWAS countries. The labour force is also relatively young, which means that there is a large pool of potential workers.

A joint stock company enjoys perpetual existence because it is a corporate entity. This means that the company is a legal person separate from its members. As a result, the company can continue to exist even if the members change or die.

A country is described as developing if the income per head is low. A developing country is a country that is in the process of economic development. This means that the country is trying to increase its standard of living and improve the quality of life for its citizens.
One of the key indicators of a developing country is the income per head. This is the average income of a person in the country. If the income per head is low, it means that the standard of living in the country is also low.

Newly established firms in developing countries often face stiff competition from established foreign firms. Trade protection can help these new firms to compete by shielding them from some of the competition. This can give them time to grow and develop, and eventually become competitive on their own.

Trade restriction policies are government interventions that are designed to restrict the flow of goods and services between countries. They can be used to protect domestic industries from foreign competition, to raise revenue for the government, or to achieve other policy objectives.

Tariffs are taxes that are imposed on imported goods. Quotas are limits on the quantity of goods that can be imported. Embargoes are bans on the import or export of certain goods.

The median mark is the middle mark when the marks are arranged in ascending order. First, let's arrange the marks in ascending order: 5, 6, 7, 7, 7, 8, 8, 9, 9

Since there are 9 students, the median mark is the average of the 4th and 5th marks. The 4th mark is 7 and the 5th mark is also 7, so the median mark is 7.

Therefore, the answer is 7.