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WAEC ECONOMICS 2020 Questions-all you need to know

Here is a complete guide on how to pass WAEC ECONOMICS 2020 Questions with ease.

Disclaimer> this info is basically to serve as a guide, sample questions on this page are just for trial..but remember the more questions you try the more confident you are

WAEC ECONOMICS 2020 Questions?

The following areWAEC ECONOMICS 2020 Past questions on Economics that may be repeated

OBJECTIVE

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.

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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.

WAEC Economics Questions 2020 [Theory and Objective] | Check Economics Random Repeated Questions Here.

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

THEORY (ESSAY)

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.

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.

General advice to all waec economics candidates-WAEC ECONOMICS 2020 Questions

To pass WAEC 2020 Economics once and for all is what should bother students that are ready. Are you among this category? Remember to follow the instructions below. WAEC Economics, 2020 is very simple, feel relaxed and tackle it squarely. Also, some candidates fail WAEC, not because they are dull or not brighter, but because they are not well informed. If you wish to do it yourself, key into the following:

Below is WAEC Economics Answers to Questions 2020

HAVE A POSITIVE MINDSET:

It is obvious that until your mindset is positive, your life will not be positive. As you prepare for WAEC 2019, you must develop a positive mindset towards your fate. Don’t say, “WAEC Economics is very hard I don’t know whether I will pass” and don’t believe anyone that says you cannot pass WAEC 2019 Economics on your own.

Have the mentality, “If others passed WAEC 2019 Economics in the past, then I will be like them. Refuse to be identified with failure or those that failed in the past. Even if this year’s WAEC Exam is not your first time, it doesn’t mean that you cannot pass WAEC 2020 Economics this time around. Sit for maths 2019/2020 will a refined mindset. Nothing will make you fail WAEC 2020. Until your mindset is positive, your life will not be positive.

2. AVOID BAD COMPANIES

If you are really serious about passing WAEC 2020 Economics, try and avoid bad companies. They will discourage and engage you in activities that will not enhance your success. Remember that their mindset may not correspond to yours.

3. SET GOOD TARGETS AND PLANS:

If you have made up your mind to pass economics 2020, the next thing you should do is set targets. Write down the type of grades you want in WAEC 2020. If you want all As, zero Fs and Zero Es then you should start planning it now. Make sure you create a timetable and master plan to achieve your set goals. Remember, it takes nothing to dream but it takes everything to focus on your dream.

4. GET RECOMMENDED BOOKS FOR WAEC 2020 :

One of your plans should be getting the WAEC 2019 Economics recommended textbooks. Normally, the West African Examination Council recommends books for the examination. But apart from WAEC 2019 literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2019 Economics exam. Some topics are more difficult to understand. If you have any topic you are finding difficult to understand, then get another textbook that will make things simple for you.

5. GET WAEC MATHEMATICS PAST QUESTIONS:

This is a very good plan. Since NECO 2020 and WAEC 2020 are of the same standard, you could use the same past questions to study for both. If you are confused on how to get neco or waec past questions. They are sold in good bookshops around. It is possible that the school where you registered could offer to give you some current past questions that will help you in WAEC 2019 Economics.

6. START YOUR READING FOR WAEC 2020 :

Stop wasting your time. Now that you have gotten textbooks and past questions, the next thing is to begin your reading. Early reading and practice is good for you; you will pass well on WAEC 2019 Economics

7. AVOID SKIPPING EXAMPLES AND EXERCISES:

It is very unfortunate that Secondary school students are fond of skipping exercises and even examples while studying textbooks. They loved note books so much that they could ask, “can I read my Economics notebook and pass WAEC 2020?”. Don’t be scared of attempting exercises; they are there to help you. Face it and overcome it!

8. TEST YOURSELF ON ECONOMICS:

This is a good practice. Once in a while, answer full one year Economics past questions on your own without checking the answers. Then mark to see your score. This will help you in many aspects.

9.DO CONSTANT PRACTICE:

Don’t get discouraged when certain topics are annoying, keep on practicing until you master everything. Never give up and never say never. Keep on keeping on….

10. CREATE TIME FOR RECREATION

Create time for yourself where you play and ease off stresses. Do not overwork yourself; it can make you waste time unnecessarily. One you work more than necessary, you are not gaining anything.

11.DO CONSTANT REVISION:

Doing constant practice is a good idea for WAEC 2019 . Don’t just read a topic and forget about it. Revision helps; always go through what you have read over and over again.

12. ATTEND WAEC 2020 CLASSES:

Attend classes as a student. Attending regular classes makes it easier for you to do well in WAEC 2019 math. Do not feel too big to learn from teachers no matter how small or dull they may be. You can also attend other classes that may help outside your normal classes.

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