Waec Economics 2020 Past Questions and Answers

Question 46:

• WAEC 2020

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to ____________

A. Help promote private and public investments
B. Assist members achieve a balance of payments stability
C. Grant long term loans for infrastructure
D. Maintain stabilily of foreign exchange

Question 47:

• WAEC 2020

In order to discourage the importation of manufactured goods, a country should adopt

A. Import promotion strategy
B. Export led strategy
C. Liberal foreign exchange
D. Import substitution strategy

Question 48:

• WAEC 2020

Free trade is one in which ____________

A. Each member operates its own barriers against non-members
B. Factors of production are mobile
C. Members adopt a common external tariff against non- members
D. Members adopt common fiscal and economic policies

Question 49:

• WAEC 2020

The exploitation of mineral resources constitutes which form of production?

A. Primary production
B. Secondary production
C. Tertiary production
D. Services production

Question 50:

• WAEC 2020

The table below shows the workers engaged by an agricultural firm over a period of time. Study it and answer the questions that follow;

Number of workers	Total product	Marginal product	Average product
0	0	0	0
1	20	20	20
2	50	30	z
3	70	20	23.3
4	80	y	20
5	80	0	16
6	x	-9.8	11.7

(a) Calculate the values of X, Y, and Z.
(b) At what level of employment of labour does the firm experience:
i. increasing returns
ii. decreasing returns
ii. negative returns
(c) State the law of diminishing returns
(d) i. On a graph sheet, draw the total product and marginal product curves.
ii. State any two relationships between the two curves in (d)(i) above