WAEC Economics 2021 question and answer: Get the WAEC Economics Questions and answers for both Objective and Essay paper for Thursday, 23rd September 2021, Economics 2(Essay) – 9:30am – 11:30am and Economics 1(objective) – 11:30 am – 12:30pm, check details in this article.
The West African Senior School Certificate Examination (WASSCE) standardized test is important for the secondary school students in West Africa to get admission to tertiary institution, this page contains the 2021 WAEC questions and answers.
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WAEC Economics Questions 2021 Objective and Essay
WAEC Economics Past Questions and Answers
1. Scarcity in economics means that _______
A. human wants are limitless
B. the economy has very few resources
C. the economy can scarcely produce anything
D. resources are limited.
2. Air is essential to life but commands no price! But Diamond is not essential to life but commands a high price! This is the paradox of ______
A. thrift B. value C. abundance D. scarcity.
3. Economics of scale operate only when ______
A. marginal cost is falling with input
B. average cost is falling with input
C. fixed cost is variable
D. variable cost is less than the fixed cost.
4. Efficiency in production involves _______
A. reducing the size of the workforce
B. producing a given output with the lowest cost combination of factors of production
D. increasing the quantity of the fixed factor of production.
5. An effect of inflation is that it ___________
A. discourages trade by barter
B. favours debtors at the expense of creditors
C. increases the real income of salary earners
D. increases the value of a country’s exports.
6. What could be the opportunity cost of a nuclear power station?
A. the running costs of the power station
B. a coal-fired power station
C. the current value of the power station
D. the cost of building the power station.
8. The market for a good was in equilibrium. A change occurred which resulted in a new equilibrium with a higher price for the good and a lower quantity traded.
What change would have caused this?
A. the demand curve moved to the left
B. the demand curve moved to the right
C. the supply curve moved to the left
D. the supply curve moved to the right.
9. A demand curve shows the relationship between the quantity demanded and ________
A. a change in income
B. consumer tastes
C. the supply of the product
D. the price of the product.
10. A government subsidises the production of pineapples. This is likely to _______
A. increase the price of pineapples
B. raise the costs of supplying pineapples
C. raise revenue for the government
D. cause the supply of pineapples to increase at every price.
11. What indicates the existence of external costs in an economy?
A. An international trade deficit has caused the country to be in debt.
B. National companies have borrowed from foreign investors.
C. Private costs of production are less than social costs.
D. Private costs of production are more than social benefits.
12. What might be a disadvantage to a trade union when arguing for an increase in its members’ pay?
A. an increase in imports of a cheaper, similar product
B. the closure of a local training college resulting in fewer potential workers
C. the development of a new and profitable brand of the company’s product
D. the development of new techniques that increase productivity.
13. A German car manufacturer decided to produce its cars in a factory in China. What would not be a reason why they might have chosen to do this?
A. cheaper wage costs in China
B. the availability of raw materials
C. to gain external economies from skilled labour in China
D. to increase Germany self-sufficiency.
14. A government removed the quota on goods imported into the country.
What is the most likely result of this?
A. a decrease in demand for domestic production
B. a decrease in domestic unemployment
C. a decrease in exports
D. a decrease in the balance of trade deficit.
15. A modern corporation is owned by ________
A. debenture holders B. ordinary shareholders C. preference shareholders D. creditors.
16. One of the most important factors that should be considered in the location of an industry is _________
A. nearness to the financial centre
B. assured patronage by government functionaries
C. availability of inputs and market
D. availability of adequate security.
WAEC 2021 Economics Answers Theory and Objective
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