Economics 2020 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.

46. The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to

  • A. help promote private and public investments
  • B. assist members achieve a balance of payments stability
  • C. grant long term loans for infrastructure
  • D. maintain stability of foreign exchange

47. In order to discourage the importation of manufactured goods, a country should adopt

  • A. import promotion strategy
  • B. export led strategy
  • C. liberal foreign exchange
  • D. import substitution strategy

48.  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

49. The exploitation of mineral resources constitutes which form of production?

  • A. Primary production
  • B. Secondary production
  • C. Tertiary production
  • D. Services production

ECONOMICS THEORY PAST QUESTIONS 2020 WITH SOLUTION

1.  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:

  1. 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.

  1. State any two relationships between the two curves in (d)(i) above

2.  (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?

3. 

. (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

4.  (a) Distinguish between the following pairs of terms:
i. capital expenditure and recurrent expenditure:
ii. fiscal policy and monetary policy.

  1. Explain four reasons why the government of a country imposes taxes.

5.  (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

6. What is money?

  1. Explain the following concepts:
    i. value of money:
    ii. demand for money,

(c) ldentify any four determinants of transaction demand for money

7. (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

8.   (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

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