# Economics 2021 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. A country may be able to earn more from exports if she_____________

• A. increase her export duty
• B. devalues her currency
• C. increases her import duty
• D. allows her currency to appreciate

47.  customs union is an economic grouping which has___________

• A. free movement of factors of production
• B. common tariffs against non-Members.
• C. common currency for trading
• D. common military defense

48.  Balance of payments and trade problems that arose after the world wars were resolved by the____________

• A. International Bank tor Reconstruction and Development.
• B. International Monetary Fund.
• C. African Development Bank.
• D. Organization of Petroleum Exporting Countries.

49.  Examples of land that are non-renewable include___________

• A. marshy and water-logged land.
• B. farmland already used for many years.
• C. some natural resources such as natural gas.
• D. oxygen and carbon dioxide in the atmosphere

50.  Abundant natural resources do not contribute to economic growth in developing countries because of_________

• A. high rate of inflation
• B. urban congestion.
• C. over-reliance on multiple commodities.
• D. mismanagement and corruption.

## Economics 2021 Past Questions Theory

1. Table 1 below shows the distribution of the population of a country in various occupations.
Study it and answer the questions that follow.

 OCCUPATION TOTAL Shoe ProductionBankingFish ProcessingWarehousingMiningFish FarmingFood Crop ProductionBakingLaundry 30 million37 million19 million12.2 million16.1 million10.8 million15.6 million19 million10.3 million
1. a) Calculate the size of the entire labour force in the country
2. b) What percentage of the labour force is engaged in the
(i) Primary sector
(ii) Secondary sector
(iii) Tertiary sector
3. c) Calculate the ratio of the workers in mining to the workers in shoe production
4. d) Calculate the percentage of the people engaged in warehousing
5. e) (i) Identify the type of economy depicted in the table

2.  Table 2 below show the unit prices and quantities of hats produced by a firm
Study it and answer the questions that follows

 Quantity Unit Price (S) Total Revenue (S) Marginal Revenue (S) Average Revenue (S) 10 180 1800 – 180 20 150 3000 120 X 30 U 3600 60 120 40 100 V W Y 50 80 4000 0 80 60 60 3600 40 60
1. a) Compute the values of U, V, W, X and Y
2. b) In what type of market is the firm operating? Explain your answer
3. c) If the firm’s marginal cost is $60.00 at all levels of output, at what level of output will it be in equilibrium? Explain your answer 4. d) If a total cos of$600,00 is incurred when 50 units of hats are produced. Determine the margin of profit or loss made.
5. e) What is another name for marginal cost?

3.  (a) What Is economies of scale?

(b) Outline three internal economics of scale a firm can enjoy

(c) State three factors that can influence where a firm is sited.

(a) Define product retailing

(b) Outline any three roles performed by the wholesaler to the manufacturer

(C) ldentify any three problems associated with distribution ol products

4. (a) Define price elasticity of demand

(b) Distinguish between elastic demand and Inelastic demand

(C) Using diagrams. explain what happens to a traders total revenue demand for his product is:
(i) elastic
(ii) inelastic

5. (a) Define product retailing

(b) Outline any three roles performed by the wholesaler to the manufacturer

(C) ldentify any three problems associated with distribution of products

6.  (a) State three characteristics of perfect competition,

(b) With the aid of diagrams, explain equilibrium positions of a perfectly competitive firm in the: (i) short-run: (ii) long-run

7.  (a) Explain how the Central Bank controls money supply through the use of: (i) open market operation (ii) bank rate.

(b) Outline four functions performed by the Central Bank of your country.