2020/2021 WAEC/NECO Answers: 2020 Waec Gce Economics Answer

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Section A:-

Working population
19 - 40 + 41 - 60
Total population = 200,000
35/100×200,000/1 +
70,000 + 50,000
= 120,000

Dependent population
0 - 18 + 61 and above
30/100×200000/1 + 10/100×200000/1
60,000 + 10,000

Increased by 1200

=50 died.

The natural increase in the population is birth rate

The age distribution is of optimum population because the working age is greater than dependent age.


Professor Robin's defined  economics as : "Economics is the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses."

i) opportunity cost:
Opportunity cost is an economics term that refers to the value of what you have to give up in order to choose something else

ii) scale of preference:
A preference scale in economics is a basic tool that determines the demand of certain products. This scale revolves around the basic needs of humans for a specified product.

iii) production possibility curve:
A production possibility curve measures the maximum output of two goods using a fixed amount of input.

(i) Allocation of resources:- the study of economics enables the government to allocate scarce resources to various sector of the economy
(ii) Development of programmed:- it also enable the government to develop certain programmes that are beneficial to the people
(iii) Production:- the study of economics assist us to determine what to produce, when to preduce, factors of production and how to produce goods and services required to satisfy human wants



The labour force consists of all the people who are able to work in a country or area, or all the people who work for a particular company


Occupational Mobility Of Labour: This refers to the ability of workers to switch career fields in order to find gainful employment or meet labor needs. For example, footballer to university lecturer


Geographical mobility of labour: This is the ability of labour to move around an area, region or country in order to work. Geographical mobility is affected by things such as family ties, transport networks, transferable qualifications and common language.  For example, moving from Enugu to Lagos to find work.


(i) Population: As expected, population increases result in labor force increases. Both the strength of the influence and the magnitude are strong. A one percent increase in state population results in a 0.74 percent increase in labor force size.

(ii) Income: As state incomes grow, it attracts labor force entrants hoping to take advantage. However, a state’s cost of living is shown to have no influence on labor force size and is not statistically significant.

(iii) Educational Attainment: A more educated society has a larger labor force.

(iv)   Weather conditions: Where weather conditions are favourable, labour tends to be more efficient.


Money is anything that is generally acceptable as a medium of exchange and in the settlement of debts.

(i) Durability
(ii) Divisibility
(iii) Portability

(i) Medium  of exchange: During inflation people are likely to lose confidence in money as a  means of payment for goods and services because of a fall in its  value
(ii) Store  of value: The function of money as a store of wealth is undermined during periods of inflation because the money saved loses value.
(iii)Standard  of deferred payment: During inflation money does not serve as an adequate standard of deferred  payment.
(iv) Unit  of account: During inflation, money is not a reliable unit of account.

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