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.

Today’s Waec questions and answers will be on ECONOMICS VERIFIED ANSWERS 2018/2019 | WAEC 2018 ESSAY OBJECTIVE LOADED to get the full loaded version of this all you need isto pay good attention as you read carefully.

## 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.

### WAEC Economics Questions 2018/2019:

Section B [Essay]

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?

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

(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?

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]

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.

### 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.

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

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.

### Related Post

FIND OUT LASU ACCEPTANCE FEES 2017/2018 | WHAT IS ... FIND OUT LASU ACCEPTANCE FEES 2017/2018 | WHAT IS THE REAL FEE FOR LASU? Congratulations to those successful student who made it through LASU Post UTM...
Human and Regional Geography | Neco Expo Human Geo... Human and Regional Geography | Neco Expo Human Geography Answers. Human and Regional Geography | Neco Expo Human Geography Answers. NECO 2018 HUMAN AN...
2017 NECO GCE CRS CRK Obj And Theory Answer Now  2017 NECO GCE CRS CRK Obj And Theory Answer Now NECO GCE 2017 CRS/CRK Obj and Theory Answer NOW AVAILABLE – Nov/Dec Expo | NECO GCE 2017C.R.S Quest...
WAEC Result 2018 – www.waecdirect.org 2018 WAEC Result 2018 – www.waecdirect.org 2018 update: The 2018 Waec Result is out… Instructions on how to check your waec result 2017 is given below. ...
NWU Post-UTME/DE Result 2017/2018 is Out NWU Post-UTME/DE Result 2017/2018 is Out NWU Post-UTME/DE Result 2017…. North West University Kano,  NWU admission screening exercise result for the 2...
2018/2019 Jamb Registration Form – See Date ... 2018/2019 Jamb Registration Form - See Date Guideline and Procedures 2018/2019 Jamb Registration Form - See Date Guideline and Procedures  – Many J...
2017/2018 UNIABUJA Revised Academic Calendar | Lat... 2017/2018 UNIABUJA Revised Academic Calendar | Latest Updates 2017/2018 UNIABUJA Revised Academic Calendar | Latest Updates … University of Abuja, UN...
UNN POST UTME ANNOUNCES NEW DATE – CHECK UNN... UNN POST UTME ANNOUNCES NEW DATE - CHECK UNN POST UTME 2017/18 NEW DATE WHY WAS UNN POST UME POSTPONED? | FIND OUT REASONS FOR THE RESCHEDULE OF UNN  ...
UPNEXT FRSC Aptitude Test | Screening Date | FRSC ... UPNEXT FRSC Aptitude Test | Screening Date | FRSC Exam Centers 2018. Federal road safety corps (FRSC) past questions and answers | FRSC past quest...
LATEST EXAM UPDATE BECE 2018/2019 RELEASES SCHEDUL... LATEST EXAM UPDATE BECE 2018/2019 RELEASES SCHEDULE /TIME TABLE | DOWNLOAD JUNIOR WAEC FORM NOW BECE 2018/2019 EXAM SCHEDULE & NEW TIME TABLE | JU...
Uni Ben DE Result 2018 Form Online Uni Ben DE Result 2018 Form Online - UNIBEN Direct Entry Result for 2018/2019 Academic Session is Out. Applicant can now have a fresh breath. If you r...
Officially AAU Post-UTME 2017/2018 : Cut-off Mark,... Officially AAU Post-UTME 2017/2018 : Cut-off Mark, Screening and Registration Guide Officially AAU Post-UTME 2017/2018 - AAU Post-UTME 2017/2018: Cut-...
Boston University International Undergraduate Scho... Boston University International Undergraduate Scholarship USA-2018 Boston University International Undergraduate Scholarship 2018…. Applications are c...