Waec Economics Past Questions and Answers

Question 1836:

• 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 1837:

• 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 1838:

• 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

Question 1839:

• 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 1840:

• 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