Waec Model Questions Vol1 2017 Economics Question 1

Practice essay / theory question 1 from the 2017 Waec Model Questions Vol1 Economics examination. This question covers Basic Economic Concepts .

Waec Model Questions Vol1 2017 Economics Essay / Theory

Topic: Basic Economic Concepts

Question 1 WAEC_MODEL_QUESTIONS_VOL1 • 2017 • ECONOMICS • essay

A farmer in a rural Nigerian community has 2 hectares of land that can be used either for a cash crop (cotton) or a food crop (maize). The farmer can earn ₦150,000 per hectare from cotton and ₦90,000 per hectare from maize. The farmer decides to plant cotton on both hectares. Answer the following:

Question Parts

( a )

Define opportunity cost in the context of micro‑economics.

( b )

Calculate the opportunity cost of the farmer’s decision in monetary terms.

( c )

Explain how the concept of opportunity cost influences the allocation of resources in a mixed economy such as Nigeria.

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About This Question

This is Waec Model Questions Vol1 2017 Economics Question 1. It is one of the essay questions from the 2017 Waec Model Questions Vol1 Economics examination.

The question covers Basic Economic Concepts .

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