![\"waec](\"https:\/\/unn-edu.info\/wp-content\/uploads\/2017\/09\/waec-gce-economics-answer-2017.jpg\")
<\/p>\nThe Waec economics answers to 2024 exam questions for practice are here. The West African Examination Council (WAEC) Economics paper for SSCE will be written on Tuesday, 6th June 2023.<\/p>\n
The Waec gce Economics objective answers to questions 2023 and Essay question paper will arrive and the exam commences by 9:30 am which will last for 2hrs while the Economics waec objective question paper exam will commence at 11:30 am and to last 1hr. Read the test questions below.<\/p>\n
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In this post, we will be giving out samples of waec economics questions for candidates that will participate in the examination from past questions.<\/p>\n
PAPER 2 [Essay]<\/strong> 1. The following data shows the budget of a hypothetical country in 2006. Use the information in the table to answer the questions that follow:<\/p>\n (a) What is the country\u2019s total population? 2. A village consists of twenty (20) households with the following annual incomes:<\/p>\n (Incomes N)<\/strong><\/p>\n<\/td>\n<\/tr>\n 30<\/p>\n<\/td>\n 20<\/p>\n<\/td>\n 50<\/p>\n<\/td>\n 40<\/p>\n<\/td>\n 60<\/p>\n<\/td>\n<\/tr>\n 40<\/p>\n<\/td>\n 40<\/p>\n<\/td>\n 50<\/p>\n<\/td>\n 20<\/p>\n<\/td>\n 60<\/p>\n<\/td>\n<\/tr>\n 80<\/p>\n<\/td>\n 40<\/p>\n<\/td>\n 20<\/p>\n<\/td>\n 20<\/p>\n<\/td>\n 70<\/p>\n<\/td>\n<\/tr>\n 40<\/p>\n<\/td>\n 70<\/p>\n<\/td>\n 30<\/p>\n<\/td>\n 40<\/p>\n<\/td>\n 80<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n (a) Determine the (i) mean income; 3. (a) Why is scarcity a fundamental problem in Economics? ANS:<\/strong> (a) Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Scarcity means resources are limited in relation to the ends. Economics is therefore concerned with allocating limited resources among competing and unlimited wants. 4. (a) Explain the concept of localization of industry. 5. (a) Define labour. 6.\u00a0(a) Define money. 7.\u00a0(a) With the aid of a diagram, explain a minimum price. 8. (a) What is a supply schedule? ANS:<\/strong> (c) Exceptional demand: 9. (a) With examples, distinguish between direct and indirect tax. ANS:<\/strong> (a) A direct tax is a tax on incomes and properties.\u00a0 Examples include persona income tax, company tax, death duties, inheritance tax, capital gains taxes, etc. 10. (a) What is the demographic transition theory? ANS:<\/strong> (a) Demographic Transition Theory is concerned with the historical population growth of society. It explains the relationship between fertility and mortality on population growth and how developed countries in contemporary times have passed through three identical stages of population history. 11.\u00a0(a) Differentiate between shares and debentures. 12. (a) What is capital market? ANS<\/strong>: (a) The capital market is a financial market in which funds for medium and long-term investments are borrowed or lent. PAPER 1 [Objective]<\/strong> 1. Scarcity in economics means that _______ 2. Air is essential to life but commands no price! But Diamond is not essential to life but commands a high price! This is the paradox of ______ 3. Economics of scale operate only when ______ 4. Efficiency in production involves\u00a0_______ 5. An effect of inflation is that it ___________ 6. What could be the opportunity cost of a nuclear power station? 7.\u00a0The diagram below shows a production possibility curve for maize and cotton.<\/p>\n Bad weather causes a poor harvest for both crops. Which movement could be used to represent this change? 8. 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. 9. A demand curve shows the relationship between the quantity demanded and ________ 10. A government subsidises the production of pineapples. This is likely to _______ 11. What indicates the existence of external costs in an economy? 12. What might be a disadvantage to a trade union when arguing for an increase in its members\u2019 pay? 13. A German car manufacturer decided to produce its cars in a factory in China. What would not be a reason why they might have chosen to do this? 14. A government removed the quota on goods imported into the country. 15.\u00a0A modern corporation is owned by ________ 16. One of the most important factors that should be considered in the location of an industry is\u00a0_________ 17. What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported? 18. Progressive tax structure is designed to ___________ 19.\u00a0Which of the following best describes the production function? 20. Which of the following reward is associated with entrepreneurship as a factor of production? 21. In a market economy, the question of what, how and for whom to produce are solved by the ________ 22. At any given level of output, a firm\u2019s total variable cost equals\u00a0________ Age groups (years)\u00a0 \u00a0 Distribution (%)<\/strong> 23.\u00a0Which of the following factors is NOT responsible for the rural \/urban drift in Nigeria? 24. The necessity of choice is due to the fact that _______ 25. What is meant by labour supply? 26. Any payment to a factor of production in excess of what is necessary to keep its present employment is known as\u00a0________ 27. The market where there are many differentiated products is called ______ 28.<\/p>\n
\nAnswer any <\/em>FIVE<\/strong> questions.<\/em>
\nWrite your answers in the answer booklet provided.<\/em><\/p>\n\n\n
\n Age (years)<\/strong><\/td>\n 0 – 17<\/td>\n 18 – 49<\/td>\n 50 – 60<\/td>\n 60 and above<\/td>\n<\/tr>\n \n Population (\u2018000)<\/strong><\/td>\n 900<\/td>\n 550<\/td>\n 300<\/td>\n 250<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n
\n(b) Calculate:
\n(i) the ratio of population under 18 to population over 60 years;
\n(ii) the dependency ratio.
\n(c) What percentage of the population constitutes the labour force?
\n(d) Explain whether the population is growing or declining.
\n(e) Given that the GDP of the country in 2009 is $ 4,000,000, what is the per capita income of the country?
\nANS:<\/strong><\/p>\n![\"2020](\"https:\/\/unn-edu.info\/wp-content\/uploads\/2017\/09\/2020-waec-economics-expo.jpg\")
<\/p>\n![\"real](\"https:\/\/unn-edu.info\/wp-content\/uploads\/2017\/09\/real-waec-economics-answers-2020.jpg\")
<\/p>\n\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n(ii) modal income;
\n(iii) median income.
\n(b) What is the range of the income distribution?
\n(c) Calculate the total tax that could be generated from the village if
\n(i) a flat rate tax of 7% is imposed on all households;
\n(ii) a flat rate tax of 15% is imposed on all households earning N4,000 per annum and above.<\/p>\n
\n(b) Give a reason why Economics is a;
\n(i) Science;
\n(ii) Social Science.<\/p>\n
\n(b) (i) Economics is a science because it adopts the scientific method.
\n(ii) Economics is a social science because it studies human behaviour. e.g. If the price of a commodity rises, people will buy less, other things equal.<\/p>\n
\n(b) Highlight any four problems of localization of industry in any economy.
\nANS:
\n<\/strong>(a) Localization of industry occurs when firms in the same line of production concentrate in an area.
\n(b) Undue competition for raw materials and other factors of production push up costs;
\n(i) traffic congestion;
\n(ii) pressure on other infrastructure such as electricity;
\n(iii) limitation for expansion due to pressure on land;
\n(iv) rural-urban migration is increased, etc.<\/p>\n
\n(b) Give four factors that affect the efficiency of labour in your country.
\nANS:<\/strong> (b) (i) Education and Training:\u00a0 All kinds of labour require training which may include formal training, training on the job.
\n(ii) Availability of equipment and tools: Labour efficiency also depends on the equipment and tools available to workers.
\n(iii) Physical Environment: The environment in which labour works helps to determine its efficiency as well as its productivity e.g. harsh physical environment.
\n(iv) Human environment \u2013 conducive management style will increase labour efficiency.<\/p>\n
\n(b) State the\u00a0three\u00a0motives for holding money.
\n(c) Mention\u00a0two\u00a0determinants of\u00a0each\u00a0of the motives for holding money.
\nANS:<\/strong>\u00a0Transactions motive
\n(i) size of income;
\n(ii) the interval between wage payments;
\n(iii) availability of credit;
\n(iv) family size.
\nPrecautionary motive
\n(i) size of income;
\n(ii) the interval between wage payments;
\n(iii) availability of credit;
\n(iv) perception of risks.
\nSpeculative motive
\n(i) the rate of interest;
\n(ii) the degree of risk aversion.<\/p>\n
\n(b) State any five measures by which a minimum price for agricultural products can be made effective.<\/p>\n
\n(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules.
\n(c) State\u00a0three\u00a0examples of exceptional demand.<\/p>\n
\ni. Fixed demand or perfectly inelastic demand e.g. salt
\nii. Perfectly elastic demand
\niii. Expectation of future increase in price.
\niv. Articles of ostentation.
\nv. Giffen goods.<\/p>\n
\n(b) Explain any four problems of tax collection in any West African Country.<\/p>\n
\nWhereas, an indirect tax is a tax on goods and services.\u00a0 Examples include sales tax, import and export duties, excise tax, purchase tax, value-added tax, etc.
\n(b) (i) absence of reliable records of business activities and revenues collected.
\n(ii) the prevalence of subsistence production.
\n(iii) corruption on the part of tax officials.
\n(iv) high level of tax evasion and tax avoidance etc.<\/p>\n
\n(b) Explain the three stages of the theory.<\/p>\n
\n(b) Stages of the Theory;
\nstage 1 (pre-transition phase\/ stage)
\nstage 2 (transition phase\/ stage)
\nstage 3 (post-transition phase \/stage)<\/p>\n
\n(b) Identify any four problems encountered by farmers in raising capital
\nANS:<\/strong> (a) A share is the smallest unit into which the capital of a company is divided. It is a unit of ownership of a business concern while a debenture is a loan capital or corporate bond. A debenture holder is a creditor to a company.
\n(b) (i) low level of loanable funds;
\n(ii) the inability of firms to produce the required collateral facilities;
\n(iii) under-developed money and capital markets;
\n(iv) the high cost of loans;
\n(v) the fluctuation of share prices;
\n(vi) Government financial regulation.<\/p>\n
\n(b) Describe any three instruments used in the capital market.<\/p>\n
\n(b) (i) Shares: These are financial instruments utilized in the capital market for long-term investments. A share is the portion of a limited liability company owned by an investor.
\n(ii)\u00a0\u00a0 Bonds: This is a long-term financial security used to source funds.\u00a0 Bonds may be issued by firms, financial institutions, or governments.\u00a0 Bonds issued by the government are generally regarded as very safe.
\n(iii) Treasury certificates: These are government financial securities that mature after a year.\u00a0 They are issued by the government through the central bank to either borrow or lend money in the capital market.<\/p>\nWAEC Economics Obj Answers 2024 Questions.<\/h4>\n
\nAnswer <\/em>ALL<\/strong> questions in this section.<\/em>
\nShade your answers on the answer booklet provided.<\/em><\/p>\n
\nA. human wants are limitless
\nB. the economy has very few resources
\nC. the economy can scarcely produce anything
\nD. resources are limited.<\/p>\n
\nA. thrift\u00a0 \u00a0 B. value\u00a0 \u00a0 \u00a0 \u00a0 C. abundance\u00a0 \u00a0 \u00a0 \u00a0 \u00a0D. scarcity.<\/p>\n
\nA. marginal cost is falling with input
\nB. average cost is falling with input
\nC. fixed cost is variable
\nD. variable cost is less than the fixed cost.<\/p>\n
\nA. reducing the size of the workforce
\nB. producing a given output with the lowest cost combination of factors of production
\nD. increasing the quantity of the fixed factor of production.<\/p>\n
\nA. discourages trade by barter
\nB. favours debtors at the expense of creditors
\nC. increases the real income of salary earners
\nD. increases the value of a country\u2019s exports.<\/p>\n
\nA. the running costs of the power station
\nB. a coal-fired power station
\nC. the current value of the power station
\nD. the cost of building the power station.<\/p>\n![\"2018](\"https:\/\/unn-edu.info\/wp-content\/uploads\/2017\/09\/2017-gce-econs.jpg\")
<\/p>\n
\nA. P to R \u00a0 \u00a0 B. Q to R \u00a0 \u00a0 \u00a0 \u00a0 \u00a0C. S to Q\u00a0 \u00a0 \u00a0 \u00a0 \u00a0D. S to R.<\/p>\n
\nWhat change would have caused this?
\nA. the demand curve moved to the left
\nB. the demand curve moved to the right
\nC. the supply curve moved to the left
\nD. the supply curve moved to the right.<\/p>\n
\nA. a change in income
\nB. consumer tastes
\nC. the supply of the product
\nD. the price of the product.<\/p>\n
\nA. increase the price of pineapples
\nB. raise the costs of supplying pineapples
\nC. raise revenue for the government
\nD. cause the supply of pineapples to increase at every price.<\/p>\n
\nA. An international trade deficit has caused the country to be in debt.
\nB. National companies have borrowed from foreign investors.
\nC. Private costs of production are less than social costs.
\nD. Private costs of production are more than social benefits.<\/p>\n
\nA. an increase in imports of a cheaper, similar product
\nB. the closure of a local training college resulting in fewer potential workers
\nC. the development of a new and profitable brand of the company\u2019s product
\nD. the development of new techniques that increase productivity.<\/p>\n
\nA. cheaper wage costs in China
\nB. the availability of raw materials
\nC. to gain external economies from skilled labour in China
\nD. to increase Germany self-sufficiency.<\/p>\n
\nWhat is the most likely result of this?
\nA. a decrease in demand for domestic production
\nB. a decrease in domestic unemployment
\nC. a decrease in exports
\nD. a decrease in the balance of trade deficit.<\/p>\n
\nA. debenture holders\u00a0 \u00a0 \u00a0 B. ordinary shareholders\u00a0 \u00a0 \u00a0 \u00a0 C. preference shareholders\u00a0 \u00a0 \u00a0 \u00a0D. creditors.<\/p>\n
\nA. nearness to the financial centre
\nB. assured patronage by government functionaries
\nC. availability of inputs and market
\nD. availability of adequate security.<\/p>\n
\nA. deregulation\u00a0 \u00a0 B. import substitution\u00a0 \u00a0 \u00a0C. tariff reduction\u00a0 \u00a0 D. backward integration.<\/p>\n
\nA. take more from the income of the poor
\nB. take more from the income of the rich
\nC. take equal proportion of income from both the rich and the poor
\nD. reduce the problems emanating from tax imposition.<\/p>\n
\nA. it indicates the best output to produce
\nB. it relates naira inputs to naira outputs
\nC. it relates physical outputs to physical inputs
\nD. it indicates the best way to combine factors to produce any given output.<\/p>\n
\nA. salaries\u00a0 \u00a0 \u00a0 B. profits\u00a0 \u00a0 \u00a0C. interest\u00a0 \u00a0 \u00a0D. rents.<\/p>\n
\nA. elected representative of the people
\nB. planning committee
\nC. price mechanism
\nD. government.<\/p>\n
\nA. total cost less marginal cost
\nB. total cost less total fixed cost
\nC. total cost less average cost
\nD. average variable cost and marginal variable cost.<\/p>\n
\nAbove 60\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 30
\n15 \u2013 60\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 45
\n0 \u2013 14\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a025
\n23. From the above, the estimated dependency ratio of the population shown above is\u00a0_______ A. 11: 9\u00a0 \u00a0 \u00a0 \u00a0 B.9: 11\u00a0 \u00a0 \u00a0 \u00a0C. 7: 3\u00a0 \u00a0 \u00a0D. 3: 7<\/p>\n
\nA. the infrastructural facilities in the cities
\nB. declining fertility of rural farmlands
\nC. rural electrification programme
\nD. higher living standards in urban areas.<\/p>\n
\nA. human wants are inelastic
\nB. customers like to maximize satisfaction
\nC. resources are abundant
\nD. consumers are selective.<\/p>\n
\nA. number of people in the working population
\nB. number of men and hours they work
\nC. number of hours during which the middle-aged persons work
\nD. number of workforce multiplied by the hours they worked.<\/p>\n
\nA. real income\u00a0 \u00a0 \u00a0 \u00a0B. profit\u00a0 \u00a0 \u00a0 \u00a0C. economic rent\u00a0 \u00a0 \u00a0 \u00a0 D. real wage<\/p>\n
\nA. monopoly\u00a0 \u00a0 \u00a0 \u00a0B. perfect competition\u00a0 \u00a0 C. monopolistic competition\u00a0 \u00a0 \u00a0 \u00a0 \u00a0D. Oligopoly.<\/p>\n