Waec Economics Past Questions and Answers

Question 1766:

• WAEC 2019

Natural resources that are renewable are found in the _____________

A. Mining sector
B. Traditional sector
C. Agricultural sector
D. Secondary sector

Question 1767:

• WAEC 2019

The table below shows the cost of production and output of maize. The price of maize is fixed $20.00. Use the information to answer the questions that follow.

Maize (bags)	Total Variables ($)	Total cost ($)	Total Revenue ($)
0	0	10	0
1	8	w	20
2	10	x	40
3	u	25	y
4	v	32	z
5	28	38	100

a. what is the value of total cost? Give a reason for your answer.
b. Calculate the values of u,v,w,x,y and z
c. Calculate the profit levels 1 and 4
d. In what market structure is the firm operating? Give a reason for your answer.

Question 1768:

• WAEC 2019

The table below shows the percentage age distribution of population of country Y in 2010. The population was 200,000. Use the information in the table to answer the questions that follow.

Age group (year)	0 - 18	19 - 40	41 - 60	60 and above
percentage distribution pf population	30%	35%	25%	10%

(a) Calculate the size of the
i. working population
ii. dependent population
(b) If the population (0 -18) years is increased by 2% and 0.5% of the ages 61 years and above have died, what is the natural increase in the population.
(c) How will you describe the age distribution of the population? Give a reason for your answer..

Question 1769:

• WAEC 2019

(a) State Professor Robbins’ definition of Economics.
(b) Explain the following concepts:
(i) opportunity cost;
(ii) scale of preference;
(iii) production possibility curve.
(c) Outline three reasons for the study of Economics as a Subject.

Question 1770:

• WAEC 2019

(a) Define labour force.
(b) Explain the following concepts with an example each:
(i) occupational mobility of labour;
(ii) geographical mobility of labour.
(c) Outline four factors that can influence the size of the labour force in a country