Friday, 15 September 2017

GCE WAEC Economics Questions and Answers 2017

The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West Africa countries. … In a year, over three million candidates registered for the exams coordinated by WAEC.

WAEC GCE Economics Questions 2017

1. One of the advantages of large scale production is that
A. there is a rise in the cost of administration.
B. consumers sacrifice their individual tastes.
C. the firm can use labour-saving machinery.
D. the demand for a firm’s products becomes localized.
2. The location of timber and plywood industries in West Africa is mainly influenced by the availability of
A. transport.
B. water.
C. raw materials.
D. labour supply.
3. Malthus’ population theory states that
A. high death rate may lead to low productivity.
B. population may outgrow the means of subsistence.
C. people will always decide to have children.
D. migration may leave some parts of the world barren.
4. Which of the following is not likely to be an effect of a growing population?
A. Rise in demand
B. Unemployment
C. Fall in standard of living
D. High per capita income
5. Personal savings are generally low in West Africa because of
A. the level of income of the people.
B. the refusal of banks to grant loans.
C. overpopulation.
D. cheaper foreign currencies.
6. Devaluation of currency in a country is likely to lead to
A. increasing population.
B. increasing imports.
C. exports becoming cheaper.
D. reduced exports.
7. Which of the following is not a benefit derived from the petroleum industry?
A. Increased foreign exchange earnings
B. Establishment of refineries and petrochemical industries
C. Employment of a greater proportion of the population
D. Development of airports, seaports and other social infrastructure
8. An efficient weapon used in resolving disputes between employees is
A. co-operation.
B. collective bargaining.
C. display of placards.
D. legal action.
9. A country’s balance of payment is in deficit when
A. a country’s payments for imports of invisible goods are greater than her receipts from exports of invisible goods.
B. the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports.
C. it can record a surplus on current account of her balance of payments accounts.
D. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods.
10. Which of the following features best describes peasant agriculture in West Africa? It
A. specializes in the production of one crop.
B. involves the use of small farm holdings.
C. is a capital-intensive system of farming.
D. is mostly associated with tree crops
Verified Eco Obj
1-10 ABBCABDCBA
11-20BABABDCBAB
21-30ACCBCBCDAC
31-40BBACDDCBDA
41-50ACADBACBBD
(1a)
Total population of the country
Age:
0-17=900
18-49=550
50-60=300
60 and above=250
=2000
(1b)
Under 18=900
60 and above=250
The ratio=900:250
=18:5
(1bii)
Dependency ratio is 0-17
(1c)
Percentage of the population that constitute the labour force
Age:
18-49=550
50-60=300
=850
Total population is 2000
% of labour force=850/2000*100%
=42%
(1d)
The population decliner because it reduce from the age 1-17 to 60 and above
(1e)
Per capital income:
4000000/850=4705.682
Aproximately=4706
===========================
(3a)
(i) Wants: Wants are desire to own goods and services that gives satitisfaction.Human wants are insatiable and unlimited.Human beings have unlimited wants but the resources are limited relative to the demand for them
(ii) Scarcity: It is the limited supply of reources which are used for satisfaction of unlimited wants>It is the limited in supply or shortage in supply of available resources relative to demand for it.It arises as a result of the inability of available resources to satisfy the unlimited wants of man
(iii) Scale of preference: It is the arragement of wants in order of imporatance.It is a list of individual wants in order of their relative importance makes it easier for choice to be made when we draw scale of preference
(iv) Opportunity cost: It is the expression of cost in relation to the forgone alternative.It is the cost of the alternative forgone
(3b)
(i) Satisfaction of human wants: Economics deals with human being and the satisfaction of their numerous needs with their limited available resources
(ii) Allocation of scarce resource: As a result of the fact that the resources within the limt of human being are not in abundance,It becomes necessary to study economics so as to decide on the alternative uses of the scarce resources to satisfy the unlimited resources
(iii) Rational decision: It enable us to take a rational decision pertaining to business and other policy matters
(iv) Economic analysis: It enable us to build up theories and tools of economic analysis
=================+++++++++===
5ai)Direct tax refers to the type of tax imposed directly on income of individuals or organisation by government or its agency
5aii)Indirect tax:This refers to taxes which are imposed or levied on goods and services
5b)-It generate income for the country
-it discourages excess importation of foreign goods
-To promote locally produced goods
-To discourage importation of harmful goods into the country
5c)-It is levy on consumer goods in form of VAT
-it is paid directly to the seller of good which remit it to the appropriate tax authority
===========================
7ai) transfer payment is
a payment made or income received in which
no goods or services are being paid for, such
as a benefit payment or subsidy.
7aii) An intermediate product is a product that
might require further processing before it is
saleable to the ultimate consumer. This further
processing might be done by the producer or
by another processor.
7aiii) Subsistence productions refers to output from
the production process that is just enough for
the survival.
========================%
(8a)
(i) supply of money is the total amount of money available for use in the economy at a given period of time.
(ii) Demand for money is the total amount of money whch all individuals in economy wish to hold for various reasons. It is the desire to hold money
(8b)
(i) transactionary motives
(ii) precautionary motives
(8c)
(i) The Price Level: If the price level increases, it means that a given sum of money would buy fewer goods and services. Fall in prices leads to an increase in the value of money.
(ii) Inflation and Deflation: The value of money reduces during inflation while the value of money increases during Deflation.
(iii) volume Of goods and services: When more goods and services are available while the supply of money remains constant, the value of money will increase. More commodities can be purchased with a given sum of money.
(iv) The supply of money and it’s speed or velocity in circulation.

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