Waec Economics 2018 Past Questions and Answers

Question 51:

• WAEC 2018

The table below shows the composition of exports and imports of a hypothetical country. Use the information in the table to answer the questions that follow.

Exports	Amount $	Imports	Amounts $
Crude Oil	120,000,000	Rice and Flour	140,000,000
Groundnuts	40,000,000	Petroleum Product	80,000,000
Tourism	45,000,000	Vehicles and Accessories	50,000,000
Shipping & Insurance	60,000,000	Banking Services	60,000,000
Bauxite	80,000,000	Freight and Insurance	40,000,000

(a) Calculate the value of visible exports.
(b) Calculate the balance of trade for the country.
(c) List the items of invisible exports and imports.
(d) Calculate the current account balance of the country.
(e) Is the country developed or developing? Give one reason for your answer.

Question 52:

• WAEC 2018

The cost and output schedule of a firm is shown in the table below.

Output (kg)	0	15	35	60	85
Variable cost ($)	0	30	55	75	90
Total cost ($)	15	45	70	90	105
Total revenue ($)	0	30	70	120	170

(a) Using the data in the table, at each level of output, calculate the firm's
(i) marginal revenue
(ii) marginal cost.
(b) At what output level did the firm:
(i) break even
(ii) make the highest profit
(iii) attain equilibrium
(c) Identify the market structure in which the firm operates

Question 53:

• WAEC 2018

(a) Define optimum population.
(b) In what three ways can rapid population growth slow down the rate of economic development?
(c) Describe any three measures that can be adopted to control rapid population growth.

Question 54:

• WAEC 2018

(a) What are state-owned enterprises?
(b) State any three reasons for the establishment of state-owned enterprises.
(c) Highlight any four problems associated with state-owned enterprises.

Question 55:

• WAEC 2018

(a) Differentiate between unemployment and underemployment.
(b) With one example each, explain the following
(i) Seasonal unemployment
(ii) Structural unemployment
(iii) Frictional unemployment
(iv) Cyclical unemployment