WAEC Economics Questions and Answers 2021. I will be showing you Economics objectives and theory repeated questions for free in this post. You will also understand how WAEC Economics questions are set and how to answer them.
The West Africa Examinations Council (WAEC) is an examination body in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in May/June and November/December respectively.
The questions below are the WAEC past questions and answers that will help you in your 2021 WAEC Economics Questions.
- 1 WAEC Economics Objectives and Essay answers 2021
- 2 WAEC Economic Essay (theory)
- 3 WAEC Economics Essay and Objective 2021 (EXPO)
- 4 Tips on How to Pass WAEC Economics Questions
WAEC Economics Objectives and Essay answers 2021
The questions below are the WAEC 2021 Economics Practice Questions. Go through them and be ready to score high in your WAEC 2021 Economics Examination.
1. Developments outside a given firm which reduce the firm’s costs are called
A. internal economics
B. external economics
C. external diseconomies
D. optimum effects
ANSWER: B (external economics)
2. If at 10K per kg, 1000kg of yam were purchased, the resultant point elasticity of demand is
ANSWER: C (1)
3. A situation in which all inputs are doubled and output also doubles is known as
A. constant proportions
B. increasing returns to scale
C. constant returns
D. constant returns to scale.
ANSWER: D (constant returns to scale)
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WAEC Economic Essay (theory)
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|
(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.
2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
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.
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.
WAEC Economics Essay and Objective 2021 (EXPO)
The above questions are not exactly 2021 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers.
These questions are for practice. The 2021 WAEC Economics expo will be posted on this page 30 minutes before the WAEC Economics examination starts. Keep checking and refreshing this page for the answers.
Note: The 2021 WAEC Economics answers will be posted here during the WAEC Economics examination. Keep checking and reloading this page to know when the answers are posted. Do not forget to reload this page in order to see the answers.
Be patient while waiting in case the answers come late.
Today’s Economics Answers
(1a) (2020 Answers)
(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)
The law of diminishing returns states that F increasing quantities of one factor are combined with fixed supply of other’s in production,a point is reached from which each extra variable factor added yields loss and less addition to the total output
- The total product at any given level of labour input is equal to the sum of all the marginal product up to that level
– The MP is zero at the point where TP is maximum
Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.
Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy
(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
Taxation contributes part of the money used in maintaining a country’s armed forces.
(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.
(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.
(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.
(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.
(iii) Commercial farms are very large while that of the subsistence farming are quite small.
(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.
(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.
(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market.
(iii) The machineries which are used for the farming process usually primitive.
(iv) Primitive form of irrigation or little irrigation is done for this type of farming.
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.
(i)It causes loss of valuable lands
(ii)It causes environmental pollution and pose health hazards
Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.
fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.
(iii)vehicles and equipment
Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization
(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans
Circulating capital is money being used for core operations of a company.
(ii)inventory in process
(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.
(iii)The distribution of income and high effect of taxation.
Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. … Money can be: market-determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies.
value of money, then, is the quantity of goods in general that will be exchanged for one unit of money. The value of money is its purchasing power, i.e., the quantity of goods and services it can purchase.
demand for money is the desired holding of financial assets in the form of money. In othet words that is, cash or bank deposits rather than investments.
(i)The price of the good or service.
(ii)The income of buyers.
(iii)The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.
(iv)The tastes or preferences of consumers will drive demand.
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Tips on How to Pass WAEC Economics Questions
The following tips will help you to pass the upcoming WAEC Economics examination.
Have a Target and Work Towards Actualizing it
You have decided to pass WAEC Economics 2021 and I am sure of that. Now, the next thing you should do is set targets.
You have told yourself, “I will score A in WAEC Economics 2021”, that’s not all. You need to plan on how to make it happen. Create a timetable and master plan to achieve your goals.
Get the Recommended Textbook on Economics for 2021 NECO Examination
Normally, Neco recommends books for the examination. Apart from WAEC Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for NECO 2020 exam.
Some textbooks are more difficult to understand. If you have any topic you are finding difficult to understand, then get a textbook that will simplify the topics and make life better for you.
Do not Skip Economics Examples and Exercise you Will Come Across While Reading:
Many candidates are fond of skipping exercises and even examples while studying textbooks. In fact, we like notebooks so much that we could ask, “can I read my notebook and pass WAEC Economics 2021?” Don’t be scared of attempting exercises in Economics. Face the challenges.
If you have any questions about the WAEC Economics Questions and Answers 2021, kindly drop your question in the comment box.
Last Updated on June 7, 2021 by Admin