Economics 2021 Waec Past Questions and Answers

Question 51 :

• WAEC 2021

Table 1 below shows the distribution of the population of a country in various occupations.
Study it and answer the questions that follow.

OCCUPATION	TOTAL
Shoe ProductionBankingFish ProcessingWarehousingMiningFish FarmingFood Crop ProductionBakingLaundry	30 million37 million19 million12.2 million16.1 million10.8 million15.6 million19 million10.3 million

a) Calculate the size of the entire labour force in the country
b) What percentage of the labour force is engaged in the
(i) Primary sector
(ii) Secondary sector
(iii) Tertiary sector
c) Calculate the ratio of the workers in mining to the workers in shoe production
d) Calculate the percentage of the people engaged in warehousing
e) (i) Identify the type of economy depicted in the table
(ii) Give a reason for your answer in (e)(i)

Question 52 :

• WAEC 2021

Table 2 below show the unit prices and quantities of hats produced by a firm
Study it and answer the questions that follows

Quantity	Unit Price (S)	Total Revenue (S)	Marginal Revenue (S)	Average Revenue (S)
10	180	1800	-	180
20	150	3000	120	X
30	U	3600	60	120
40	100	V	W	Y
50	80	4000	0	80
60	60	3600	40	60

a) Compute the values of U, V, W, X and Y
b) In what type of market is the firm operating? Explain your answer
c) If the firm's marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer
d) If a total cos of $600,00 is incurred when 50 units of hats are produced. Determine the margin of profit or loss made.
e) What is another name for marginal cost?

Question 53 :

• WAEC 2021

(a) What Is economies of scale?
(b) Outline three internal economics of scale a firm can enjoy
(c) State three factors that can influence where a firm is sited.

Question 54 :

• WAEC 2021

(a) Define product retailing
(b) Outline any three roles performed by the wholesaler to the manufacturer
(C) ldentify any three problems associated with distribution ol products

Question 55 :

• WAEC 2021

(a) Define price elasticity of demand
(b) Distinguish between elastic demand and Inelastic demand
(C) Using diagrams. explain what happens to a traders total revenue demand for his product is:
(i) elastic
(ii) inelastic