WAEC GCE Economics Questions and Answers 2020/2021 (Essay and Objectives)

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

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The West African Examination 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.

WAEC GCE Economics Objectives and Essay Answers 2020 (Expo)

The 2020 WAEC GCE Economics expo will be posted here on the day of the WAEC GCE Economics exam, 30th November during the WAEC GCE Economics examination. Keep checking and reloading this page for the answers.

WAEC GCE Economics Essay Answers Loading…

Today’s WAEC GCE Essay Answers:

No (5)

GCE Economics

No (6a)
Economic system is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.

(6bi)
Capitalism; is an economic system in which private individuals or businesses own capital goods. In other words The production of goods and services is based on supply and demand in the general market known as a market economy rather than through central planning known as a planned economy or command economy.

(6bii)
Socialism; is a populist economic and political system based on public ownership of the means of production. In other words Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.

(6biii)
mixed economy; is variously defined as an economic system blending elements of a market economy with elements of a planned economy, free markets with state interventionism, or private enterprise with public enterprise

(6c)
(i)Producers, consumers and the workers all enjoy economic freedom and are free to work, as they like. Goods are produced according to the taste, preference and demand of consumers.

(ii)Capitalist system can make changes according to the needs and circumstances of the economy. It has inbuilt flexibility.

(iii)An automatic equilibrium is brought about by the operation of price mechanism and market forces. No central direction is required for the operation of the economy

No (7a)
Export promotion are activities used by many countries and regions to promote the goods and services from their companies abroad.

(7b)
Currency depreciation is the loss of value of a country’s currency with respect to one or more foreign reference
currencies, typically in a floating exchange rate system in which no official currency value is maintained.

(7c)
Terms of trade are defined as the ratio between the index of export prices and the index of import prices. If the export prices increase more than the import prices, a country has a positive terms of trade, as for the same amount of exports, it can purchase more imports.

(7d)
Balance of Trade (BoT) is the difference between the total value of exports and the total value of imports of a country within a time period. It is also referred to as trade balance, commercial balance or net exports.

(7e)
Currency appreciation is an increase in the value of one currency in relation to another currency. Currencies appreciate against each other for a variety of reasons, including government policy, interest rates, trade balances and business cycles.

8b)
(i)Low Per Capita Income
(ii)Excessive Dependence on Agriculture
(iii)Low Level of Capital Formation
(iv)Dualistic Structure of the Underdeveloped Economies

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The questions below are the WAEC GCE 2020 Economics Practice Questions. Go through them and be ready to score high in your WAEC GCE 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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Tips on How to Pass WAEC GCE Economics Questions

The following tips will help you to pass the upcoming WAEC GCE Economics examination.

Have a Target and Work Towards Actualizing it 

You have decided to pass WAEC GCE 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 Neco 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, WAEC GCE recommends books for the examination. Apart from WAEC GCE Literature where certain novels are compulsory, you are free to use any good Economics textbook to prepare for WAEC GCE 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 GCE Economics 2020?” Don’t be scared of attempting exercises in Economics. Face the challenges.

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

Last Updated on November 30, 2020 by Admin

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