WAEC Economics 2017 past questions
Ten questions from the 2017 WAEC Economics paper, with answers and explanations. We hold 47 questions from this paper, and the Skolra app has all of them.
WAEC Economics 2017 questions and answers
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1.
which of the following can be added to a firm'sprofit to obtain total revenue
- ATotal costsCorrect
- BVariable costs only
- CMarginal revenue
- DFixed costs only
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Answer: A
Since Profit = Total Revenue − Total Costs, it follows that Total Revenue = Total Costs + Profit. Adding total costs (which include both fixed and variable costs) to profit gives total revenue. Adding only fixed or only variable costs would give an incomplete figure.
- A
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2.
one objective of organisation of patroleum exporting countries (OPEC) is to?
- APromote free trade among all nations
- BReduce the global consumption of crude oil
- CStabilize oil prices in the international marketCorrect
- DEncourage the use of alternative energy sources
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Answer: C
OPEC was established primarily to coordinate petroleum policies among member countries and stabilize oil prices in international markets. By regulating production levels, OPEC protects the revenue of its member nations from excessive price volatility.
- A
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3.
one problem facing the economic integration of countries in west Africa is the
- AExistence of different colonial languagesCorrect
- BAbundance of natural resources
- CUse of a common currency by all member states
- DHigh literacy rate across the region
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Answer: A
West Africa includes countries colonized by Britain, France, and Portugal, resulting in different official languages (English, French, Portuguese). This language barrier hinders communication, trade, and effective economic integration among member states of organisations like ECOWAS.
- A
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4.
Direct taxes include?
- AValue added tax (VAT) and customs duties
- BIncome tax and corporation taxCorrect
- CExcise duties and sales tax
- DImport duties and export levies
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Answer: B
Direct taxes are levied directly on the income or wealth of individuals and companies. Income tax and corporation tax are classic direct taxes. VAT, customs duties, excise duties, and sales tax are indirect taxes, collected by an intermediary and passed on to the government.
- A
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5.
a rational consumer will purchase a product whose price is?
- AGreater than its marginal utility
- BHigher than all competitors' prices
- CEqual to or less than its marginal utilityCorrect
- DFixed regardless of quantity purchased
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Answer: C
A rational consumer maximizes utility by purchasing a good as long as the price paid (marginal cost) is equal to or less than the marginal utility derived from it. When price equals marginal utility, the consumer achieves equilibrium and maximum satisfaction per unit of expenditure.
- A
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6.
which of the following is an example of derived demand
- ADemand for food by households
- BDemand for clothing by consumers
- CDemand for cement by construction companiesCorrect
- DDemand for leisure activities
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Answer: C
Derived demand is demand for a good or factor of production that arises from the demand for the final product it helps produce. Cement is demanded because of the demand for buildings and infrastructure — it is not demanded for its own sake. Consumer demand for food and clothing is direct demand.
- A
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7.
if the weight of five puppies in kilograms are 3.5, 3.0, 4.2, 5.0 and 4.3, then mean weight of the puppies is?
- A4.0 kgCorrect
- B3.5 kg
- C4.5 kg
- D4.2 kg
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Answer: A
The arithmetic mean is found by summing all values and dividing by the count. Sum = 3.5 + 3.0 + 4.2 + 5.0 + 4.3 = 20.0 kg. Mean = 20.0 ÷ 5 = 4.0 kg.
- A
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8.
A rightward shift in the supply curve of a commodity is brought about by an increase in
- AThe cost of production inputs
- BThe price of the commodity
- CThe number of producers in the marketCorrect
- DTaxes imposed on the commodity
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Answer: C
A rightward shift of the supply curve indicates an increase in supply — more is offered at every price. This is caused by an increase in the number of producers, improved technology, lower input costs, or government subsidies. An increase in the commodity's own price causes a movement along the curve, not a shift.
- A
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9.
Another term for equilibrium price is?
- AMaximum price
- BMarket-clearing priceCorrect
- CFixed price
- DMinimum price
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Answer: B
The equilibrium price is also called the market-clearing price because at this price, the quantity demanded exactly equals the quantity supplied, leaving neither a surplus nor a shortage — the market is said to "clear." Maximum and minimum prices are government-imposed price controls.
- A
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10.
which of the following is a threat to the existence of middlemen
- AIncrease in consumer population
- BIncrease in consumer demand for goods
- CRise in transportation costs
- DDirect selling by producers to consumersCorrect
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Answer: D
Middlemen (wholesalers, retailers, agents) are threatened when producers sell directly to consumers, eliminating the need for intermediaries. The growth of e-commerce, direct factory outlets, and cooperative marketing has enabled producers to bypass traditional middlemen.
- A
The questions come from past JAMB, WAEC and NECO papers. We use software to help write the answer options and explanations, and every answer is checked twice before it goes on the site. How we check
Spotted a wrong answer? Tell us from the app or on the contact page and we check it.
Practise all 47 questions we hold from the 2017 paper, on a timed CBT screen
Every question has the answer and an explanation, in the Skolra app.