WAEC Economics Questions and Answers 2020 (Essay and Objectives)

WAEC Economics Questions and Answers 2020. I will be showing you Economics objective and theory repeated questions for free in this post. You will also understand how WAEC Economics questions are set and how to answer them.

waec Economics questions and answers

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 2020 WAEC Economics Questions.

WAEC Economics Objectives and Essay answers 2020

The questions below are the WAEC 2020 Economics Practice Questions. Go through them and be ready to score high in your WAEC 2020 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
A. 0.33
B. 0.0001
C. 1
D.10000

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 BottlesTotal UtilityMarginal Utility
1.1515
2.29F
3.4213
4.D12
5.65G
6.75H
7.E0

(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:
(i) Production;
(ii) Distribution;
(iii) Consumption.

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 2020 (EXPO)

The above questions are not exactly 2020 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers.

These questions are for practice. The 2020 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.

WAEC Economics Questions and Answers 2020 Loading…

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 2020 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 2020”, 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 2020 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 2020?” Don’t be scared of attempting exercises in Economics. Face the challenges.

Note: The above questions are likely WAEC Economics Questions and Answers, not the real questions

If you have any question about the WAEC Economics Questions and Answers 2020, kindly drop your question in the comment box.

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