Waec Economics Past Questions and Answers

Question 1771:

• WAEC 2019

(a) What is money?
(b) Outline any three characteristics of money.
(c) Explain an effect of inflation on each of the functions of money.

Question 1772:

• WAEC 2019

(a) What is unemployment of labour?.
(b) With an example each, explain the following types of unemployment:
(i) frictional unemployment;
(ii) structural unemployment;
(iii) seasonal unemployment.
(c) Outline any four causes of unemployment in a country.

Question 1773:

• WAEC 2019

(a) Explain any four causes of demand-pull inflation.
(b) Outline any four undesirable effects of inflation.

Question 1774:

• WAEC 2019

(a) What is economic integration?
(b) Distinguish between a free trade area and a customs union.
(c) Describe two advantages and two disadvantages of free trade area

Question 1775:

• WAEC 2019

The extract from a country’s balance of payments account is shown below.

Item	Import ($ million)	Export ($ million)
Agricultural products	------	200
Mineral products	-----	300
Consumer goods	250	----
Capital goods	400	----
Insurance	50	25
Banking	75	30
Transportation	85	25
Loans	150	60

Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.