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Best GCE Economics Questions and Answers in 2018 in this post candidate writing the GCE WAEC examinations will get the best from the rest of all exams in GCE. Read more to pass GCE exams in 2018

Candidate should be aware that 2018 WAEC GCE Economics Answers for OBj & Essay Questions is Here.

## Waec gce economics 2018 answers and exam questions.

The West African Examination Council (WAEC) General Certificate Examination (GCE) Economics paper will be written on Saturday, 15th September, 2018.

Furthermore, the Waec Gce Econs 2018 (Essay) paper will start by 9:30am and will last for 2hrs while the economincs (Objective) exam will commence 11:30am and will last for 1hr.

## Best GCE Economics Questions and Answers in 2018

Candidate should bear in mind that in this article we also have random repeated WAEC GCE questions and answers to help in putting them through.

### WAEC GCE Economics 2018 Questions:

Section B [Essay]

1. The cost function of a firm which produces plastic plates is shown in the table below.
Use the information in the table to answer the questions that follow:
 Output (in cartons) Total Valuable Cost (TVC) Total Cost (TC) Average Cost (AC) Marginal Cost (MC) 0 – 100 – 1 250 350 350 – 2 450 P 275 200 3 575 675 R 125 4 600 700 175 25 5 675 Q 155 75 6 825 925 S 150

(a) i. What is Average Fixed Cost (AFC)?
ii. Calculate the average fixed cost at output levels 1 to 6.
(b) Calculate the values P, Q, R and S.
(c) Why does the average fixed cost decline as output increases?

2. (a) What is a commercial bank?
(b) Describe any four ways by which the Central Bank controls the amount or-credit given by the commercial banks.
(c) State any four qualities of money.

## Best GCE Economics Questions and Answers in 2018

3. (a) Define supply.
(b) With the aid of a diagram, explain what is meant by a change in supply.
(c) Explain any three factors that cause changes in supply.

4. (a) State and explain the law of comparative cost advantage.
(b) Give two limitations of the law as a theory of international trade.

5. (a) What is land?
(b) Outline any tour characteristics of land.
(c) Explain four contributions of land to economic activities?

6. (a) What is a partnership?
(b) State any two advantages and any two disadvantages of a partnership.

7. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
(i) production;
(ii) distribution;
(iii)consumption.

### Best GCE Economics Questions and Answers in 2018

8. (a) With the aid of a diagram, explain a minimum price.
(b) State any five measures by which a minimum price for an agricultural produce can be made effective.

9. (a) What is a supply schedule?
(b) Using an example, show how a market supply schedule of a product is obtained from individual supply schedules.
(c) State three examples of exceptional demand.

Section A [Objective]

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.

#### Best GCE Economics Questions and Answers in 2018

2. The diagram below shows a production possibility curve for maize and cotton.

### Best GCE Economics Questions and Answers in 2018

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.

### Best GCE Economics Questions and Answers in 2018

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.

##### Best GCE Economics Questions and Answers in 2018

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.

# Best GCE Economics Questions and Answers in 2018

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