This is the WAEC 2020 Economics questions and answers/expo/runs (obj/theory) for all students who are preparing to write Economics subject in the West African Examination Council (WAEC) in May/June 2020. WAEC Economics 2020 Expo Questions is out now on our website. In this article, I will be showing with you 2020 WAEC Economics repeated questions for free.
You will also understand how WAEC Economics questions are set and many more examination details. All you need to do is to stay focus and follow this guide.
WAEC Economics 2020 Exam Questions & Answers are required by students who finished writing either JAMB or WAEC exam in May/June.
WAEC Economics paper scheduled for today has leaked since weekend according to sources. See the paper here.
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See WAEC 2020/2021 Economics Obj/Theory Questions & Answer
When writing Economics subject in WAEC exams, you must have read from the Economics syllabus printed and published by the Ministry of Education and studied your past question papers with answer available in bookshops and online for free.
Date for WAEC 2020 Economics Exam is Monday 17th August 2020
- Essay & OBJ – Economics – 08: 30pm – 02:50 pm
- Test of Orals – Economics– 2: 00pm – 04:00 pm
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Waec Economics questions and answers Expo
Furthermore, do not Economics in waec Economics questions and answer expo because you are putting yourself in serious danger. Your exam paper will be seized when you are caught and this might lead to cancellation of all your WAEC subjects.
There will be two papers – Paper 1 and Paper 2; both of which will be combined in a 3 hour composite paper.
Paper 1: will consist of fifty multiple choice questions to be taken in 1 hour for 50 marks.
Paper 2: will consist of eight essay- type questions in two sections: Sections A and B.
Section A shall be on data response. Candidates will be required to answer four questions in all, choosing one question from Section A and any three questions from Section B. The paper shall last 2 hours for 80 marks.
2020 WAEC Economics Objective Questions
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
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
C. Fall in standard of living
D. High per capital 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.
D. cheaper foreign currencies.
DISCLAIMER! These are not real WAEC Economics questions but likely repeated questions over the years to help candidate understand the nature of their examinations. Ensure to take note of every questions provided on this page.
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
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
2020 WAEC Economics Essay Questions
1. The table below represents a traveler’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.
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.
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.
7. (a) Differentiate between human capital and physical capital.
(b) State three ways of improving on the stock of human capital in your country.
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You can pass this Economics 2020 Essay & OBJ (Test of Orals) without copying Questions/Answers from the internet. All you have to do is to buy past questions papers and answers from book shops near you. If you can’t afford it, download them online then use the WAEC syllabus 2020/21 to study them very well. Solve the questions before the exam date then you will be prepared to write the exam.
Finally, download Economics Answers from your textbooks and notebooks into your head by reading very hard before entering the examination hall.