# Economics 2018 Past Questions | WAEC

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

## Economics 2018 Theory

1.

The table below shows the composition of exports and imports of a hypothetical country. Use the information in the table to answer the questions that follow.

 Exports Amount $Imports Amounts$ Crude Oil 120,000,000 Rice and Flour 140,000,000 Groundnuts 40,000,000 Petroleum Product 80,000,000 Tourism 45,000,000 Vehicles and Accessories 50,000,000 Shipping & Insurance 60,000,000 Banking Services 60,000,000 Bauxite 80,000,000 Freight and Insurance 40,000,000

(a) Calculate the value of visible exports.

(b) Calculate the balance of trade for the country.

(c) List the items of invisible exports and imports.

(d) Calculate the current account balance of the country.

(e) Is the country developed or developing? Give one reason for your answer.

2.

The cost and output schedule of a firm is shown in the table below.

 Output (kg) 0 15 35 60 85 Variable cost ($) 0 30 55 75 90 Total cost ($) 15 45 70 90 105 Total revenue (\$) 0 30 70 120 170

(a) Using the data in the table, at each level of output, calculate the firm’s
(i) marginal revenue
(ii) marginal cost.

(b) At what output level did the firm:
(i) break even
(ii) make the highest profit
(iii) attain equilibrium

(c) Identify the market structure in which the firm operates

3.

(a) Define optimum population.

(b) In what three ways can rapid population growth slow down the rate of economic development?

(c) Describe any three measures that can be adopted to control rapid population growth.

4.

(a) What are state-owned enterprises?

(b) State any three reasons for the establishment of state-owned enterprises.

(c) Highlight any four problems associated with state-owned enterprises.

5.

(a) Differentiate between unemployment and underemployment.

(b) With one example each, explain the following
(i) Seasonal unemployment
(ii) Structural unemployment
(iii) Frictional unemployment
(iv) Cyclical unemployment

6.

(a) What is commodity money?

(b) Identify any three problems associated with trade by barter.

(c) Explain any three ways by which the advent of money has solved the problems of the barter system.

7.

(a) What is a demand schedule?

(b) State the law of demand.

(c) Using appropriate examples, explain the following types of demand:
(i) Competitive demand
(ii) Derived demand
(iii) Joint demand
(iv) Composite demand

8.

(a) What is a tax?

(b) Describe the following rates of taxation.
(i) Progressive tax
(ii) Proportional tax
(iii) Regressive tax

(c) Explain the following principles of a good tax system:
(i) Equity
(ii) Convenience
(iii) Economy

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