Waec Economics 2020 Past Questions and Answers

Question 51:

• WAEC 2020

The figure represents the possibility curve of a nation, Use it to answer the questions that follow

(a) What is the opportunity cost of:
i. producing 30 units of cocoa;
ii. increasing textile production from 30 to 40 bales?
(b) interpret the following points as found in the graph:
i. point Y
ii. point G
iii. point X
(c) List three conditions that can enable the nation to produce at point X.
(d) State two basic economic concepts illustrated in the diagram above.
(e) i. Define production possibility curve
ii. What does the slope of the production possibility curve Indicate?

Question 52:

• WAEC 2020

(a) Define consumer goods.
(b) Explain the following forms of capital with an example each:
i. fixed capital
ii. social capital
iii. circulating capital
(c) Outline three reasons for the low level of savings in a country

Question 53:

• WAEC 2020

(a) Distinguish between the following pairs of terms:
i. capital expenditure and recurrent expenditure:
ii. fiscal policy and monetary policy.
b. Explain four reasons why the government of a country imposes taxes.

Question 54:

• WAEC 2020

(a) Define tariff.
(b) State the following laws:
i. The law of absolute cost advantage:
ii. The law of comparative cost advantage.
(c) Outline any four assumptions behind the law of comparative cost advantage

Question 55:

• WAEC 2020

a. What is money?
b. Explain the following concepts:
i. value of money:
ii. demand for money,
(c) ldentify any four determinants of transaction demand for money