ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED

Study to show thyself approved. ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED | WAEC Economics Answers 2018 [Objective & Essay] Released | Latest Waec SSCE examinations random repeated questions and answers 2018/2019, what ever you want, essay,/theory, objectives or practical questions and answers all in one can be found in karisastravel website.

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ECONOMICS VERIFIED ANSWERS 2018/2019

2018 WAEC Economics Answers

Waec Econs Questions for OBj & Essay.

Before we go further the West African Examination Council (WAEC) General Certificate Examination (GCE) Economics paper will be written on Tuesday, 17th April, 2018.

The Waec Economics 2 (Essay) paper will start by 8:30am and will last for 2hrs while the econs 1 (Objective) exam will commence 10:30am and will last for 1hr.

ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED

WAEC Economics Questions 2018/2019:

Section B [Essay]
Answer any FOUR questions.
Write your answers on the answer booklet provided.

1. The table below shows the scale of preference of a student – Mr. Smith whose disposable income is $7.00. Use the information in the table below to answer the questions that follow:

Items needed Price ($)
Textbook

Shirt

Shoes

Trouser

Notebook

School fees

Mattress

5.00

2.00

3.00

3.00

1.00

7.00

10.00

(i) What will Mr. Smith spend his money on?
(ii) Explain your answer in in 2(a) (i).

(b) (i) What is the opportunity cost of Mr. Smith’s decision in 2(a)(i) ?
(ii) Explain your answer in 2(b) (i).

ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED

(c) (i) If Mr. Smith’s disposable income increases to $ 10.00, what will he spend it on?
(ii) What is the opportunity cost of the decision in 2(c)(i)?

(d). Define “scale of preference” and “opportunity cost”.

(e). What is the importance of a scale of preference?

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.

3. (a)What is:
(i) Peasant farming;
(ii) Commercial farming?

(b) Describe five ways in which agriculture contributes to the economic development of your country?

4.

The supply situation for rice in country X over a period is as shown in the table below.  Use the information in the table to answer the questions that follow:

Periods

Price (1)

Quantity Supplied (bags)

December 2004 30 100
January 2007 40 150
April 2009 50 160

(a) Calculate the coefficient of price elasticity of supply for rice between December 2004 and January 2007.
(b) Is the supply of rice elastic or inelastic? Give a reason for your answer.
(c) State any three reasons which may cause an increase in the supply of rice.

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

ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED

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.

8.

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.

ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED

MAIZE AND COTTON DIAGRAM

MAIZE Diagram WAEC 2018 ESSAY OBJECTIVE LOADED

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.

WAEC RANDOM REPEATED QUESTIONS AND ANSWERS 2018/2019

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.

MERITS AND DEMERITS IN ECONOMICS

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.

ECONOMICS VERIFIED ANSWERS 2018/2019

                                                                             GRAPH AND ITS PLOTS

What will be the new equilibrium price and quantity supplied as a result of the subsidy?

waec gce 2017 economics

11.

NOTE: That there is nothing like Waec Economics expo online. Do not be deceived by fraudsters posing with fake Waec answers on the internet.

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