# THEORY ANSWERS WAEC ECONOMICS 2018 | ESSAY SOLVED WAEC ECONS

## THEORY ANSWERS WAEC ECONOMICS 2018 | ESSAY SOLVED WAEC ECONS

Study to show thyself approved – THEORY ANSWERS WAEC ECONOMICS 2018 | ESSAY SOLVED WAEC ECONS – theory/essay economics questions and answers 2018/2019 all defined and solved just aiming at crediting students with excellence.

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### WAEC 2018/2019 ECONS THEORY (ESSAY)

2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
(i) Production;
(ii) Distribution;
(iii) Consumption.

6. (a) What is a commercial bank?
(b) Describe any four ways by which the Central Bank controls the amount of Credit given by the commercial banks.

### waec 2018 economics question and answer

7. (a) Differentiate between human capital and physical capital.
(b) State three ways of improving on the stock of human capital in your country.

3. (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.

### 2018 waec economics theory questions

4. (a) Describe the output method of measuring the gross domestic product of a country.
(b) How is the net national product at factor cost obtained from gross domestic product?
(c) State two problems associated with the output method.

1. The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-

 No. of Bottles Total Utility Marginal Utility 1. 15 15 2. 29 F 3. 42 13 4. D 12 5. 65 G 6. 75 H 7. E

(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Coca.
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.

5. (a) Explain the function of money as a
(i) measure of value;
(ii) store of value.
(b) Show how inflation affects these two functions of money.

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