Waec Economics Past Questions and Answers

Question 1841:

• 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 1842:

• 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 1843:

• 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

Question 1844:

• WAEC 2020

(a) Distinguish between competitive demand and joint demand.
(b) Using diagrams, explain how the following factors will affect the equilibrium price and quantity of commodity R in the market
i. an increase in the price of the Complement of commodity R:
ii. an increase in the price of a substitute of commodity R
iii. imposition of an indirect tax on commodity

Question 1845:

• WAEC 2020

(a) Differentiate between subsistence farming and commercial farming.
(b) State four features of subsistence farming.
(c) Outlines two positive and two negative effects of mining on the economy of West African countries