WAEC GCE Economics Answers for 2017 is Out – See Waec Econs Exam Questions for OBj & Essay.
The West African Examination Council (WAEC) General Certificate Examination (GCE) Economics paper will be written on Saturday, 16th September, 2017.
The Gce Economics 2 (Essay) paper will start by 9:30am and will last for 2hrs while the econs 1 (Objective) exam will commence 11:30am and will last for 1hr.
In this post, we will be posting out samples of the waec gce economics questions for candidates that will participate in the examination for practice purposes.
WAEC GCE Economics Answers 2017:
Section A [Objective]
Answer ALL questions.
Shade your answers on the answer booklet provided.
1. What could be the opportunity cost of a nuclear power station?
A the running costs of the power station
B a coal-fired power station
C the current value of the power station
D the cost of building the power station.
2. The diagram below shows a production possibility curve for maize and cotton.
Bad weather causes a poor harvest for both crops.
Which movement could be used to represent this change?
A P to R B Q to R C S to Q D S to R.
3. The market for a good was in equilibrium. A change occurred which resulted in a new equilibrium with a higher price for the good and a lower quantity traded.
What change would have caused this?
A the demand curve moved to the left
B the demand curve moved to the right
C the supply curve moved to the left
D the supply curve moved to the right.
4. A demand curve shows the relationship between the quantity demanded and
A a change in income
B consumer tastes
C the supply of the product
D the price of the product.
5. A government subsidises the production of pineapples.
This is likely to
A increase the price of pineapples
B raise the costs of supplying pineapples
C raise revenue for the government
D cause the supply of pineapples to increase at every price.
6. What indicates the existence of external costs in an economy?
A An international trade deficit has caused the country to be in debt.
B National companies have borrowed from foreign investors.
C Private costs of production are less than social costs.
D Private costs of production are more than social benefits.
7. What might be a disadvantage to a trade union when arguing for an increase in its members’ pay?
A an increase in imports of a cheaper, similar product
B the closure of a local training college resulting in fewer potential workers
C the development of a new and profitable brand of the company’s product
D the development of new techniques that increase productivity.
8. A Japanese car manufacturer decided to produce its cars in a factory in Europe.
What would not be a reason why they might have chosen to do this?
A cheaper wage costs in Europe
B the availability of raw materials
C to gain external economies from skilled labour in Europe
D to increase Japanese self-sufficiency.
9. A government removed the quota on goods imported into the country.
What is the most likely result of this?
A a decrease in demand for domestic production
B a decrease in domestic unemployment
C a decrease in exports
D a decrease in the balance of trade deficit.
10. A government gives farmers a subsidy of $5 per kilo to supply food on the open market where X is the original equilibrium position.
The effect is illustrated in the diagram.
What will be the new equilibrium price and quantity supplied as a result of the subsidy?
NOTE: That there is nothing like Waec Gce Economics expo online. Do not be deceived by fraudsters posing with fake Waec answers on the internet.
Section B [Essay]
Answer any FOUR questions.
Write your answers on the answer booklet provided.
1. On average, Norwegians work only 27 hours a week. They also take more, and longer, holidays than most other countries’ workers. In 2013, Norway had the second highest productivity in the world. It was also ranked number one in the Human Development Index (HDI). Unlike many other countries, Norway has had almost full employment in recent years.
(a) Define ‘productivity’.
(b) Explain two reasons why productivity may increase.
(c) Analyse why a country may have a high HDI value.
(d) Discuss whether a country would benefit from having full employment.
Keep following, more questions and answers will be added soon.