2020/2021 WAEC/NECO Answers: 2021 Waec Gce economics answers

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Fixed cost $
Processing machine 2000
Manager's salary 1500
Factory rent. 1200
Electricity Bill 800
Total 5,500

Variable cost of the firm:

Wages to causallabour 2500
Fuel 600
Raw materials 1400
Total 4500

Average cost (AC) = Total cost/Unit produced 
= $5500 + $4500
= $10,000
AC = $10,000/3000
AC = $3.33

Total profit for the period formular
Profit = Total Revenue - Total cost
Total Revenue = Price×quantuty

Profit = $18,000 - $10,000

Tax paid by the firm
Tax paid = Tax rate × taxable profit 
= 10/100 × $8000/1

Fixed cost is defined as the cost incurred by a firm which does not change or vary with the level of activity. Examples are salary, rent, electricity. Whereas variable cost are the cost incurred by a firm which vary or change with the level of activity. Examples are fuel, cost of raw materials, wages of workers.




Unemployment can be defined as an economic situation in which able body men and women who are willing and able to work can not secure any job in the country. 

(i) Technological employment: This is caused as a result of company changes its technical ways of production which result in laying off of worker who cannot cope with the new method of production. 
(ii) Cyclical Unemployment: This is caused as a result I down-swing in trade cycle ie a fall in a demand for a country's product. 

(i) Industrialization: Government should many industries that can employ many worker. 
(ii) Population control - Population should be controlled to obtain optimum level, so as to match the human population with available resources. 
(iii) Proper Development plan: This should be put in places to cater for people who are unemployed. 
(iv) Re-designing Educational system : The educational system should be redesigned to graduate people that are able to create employment.


Trade by barter can be defined as the exchange of goods for goods and services for services. 

(i) Problem of double coincidence: This is a situation whereby a producer looks for another producer who has what he wants and want what he has. 
(ii) Problem of storage: This problem occur because most of goods produced are perishable. 

(i)Commodity Money: Is a commodity that is generally acceptable as a medium of exchange. Such a commodity has a money value as well as an intrinsic value of its own.

(ii) Token money: This is a form of money with a face value which is greater than the value of the metal content.

(iii) Bank deposits: The bank deposit is the process whereby an individual deposits his money in the bank and then uses cheques as a means of payment.


Primary production involves the extractive industry where the occupation of people is directed to the process of extracting raw materials from the soil or area

Primary production: Mining and Fishing

Secondary production: Manufacturing industries and Construction industries

Tertiary production: Financial institutions, schools

(i) Revenue: The primary industries like timber industry, cocoa industry, fishing industry, mining industry etc pay monies to the government in the form of taxes or levies. These monies are called revenues and they are used for developmental projects in the country.

(ii) Foreign exchange: Most of the the primary industries in such as timber industry, cocoa industry, mining industry etc., do not process or add value to their raw materials. Their raw materials are exported to other countries and this earns the country foreign exchange.

(iii) Employment: The primary industries together employ over 65% of the working population in a country. These various industries serve as employment and help people to earn income to improve their lives.
Majority of the people at the rural areas are farmers and fishermen.

(iv) Raw materials: Some of the industries process or add value to the raw materials from the primary industries.
For example, cocoa beans obtained from the Cocoa industries are processed by some companies such as Cocoa Processing Company into chocolates etc.

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