Questions & Answers on WAEC Economics

WAEC Economics Questions and Answers Exams

With free WAEC previous questions, you can ace your exams. Using previous exam questions allows you to become more comfortable with the exam format, identify your strengths and weaknesses, learn crucial ideas, improve time management, and raise your confidence. Access previous questions from various subjects to properly prepare for and excel in the WAEC. Do you want to get a good score and get into your dream university? You’ve come to the right place!

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Kindly read down as we bring the questions likely to resurface in the exam hall

WAEC Economics Questions and Answers Objectives (OBJ) Exams 2023/2024

The WAEC Economics Questions and Answers objective questions are normally about 60 in total with an allotted time of one hour thirty minutes (1hr 30 mins).

It features text boxes where you will have to tick only one out of the five boxes provided.

Use the following WAEC Economics Questions and Answers snippet from past questions for practice purposes, see below for more details

Instruction: Attempt all Questions

1. Scale economies only work when

1. marginal cost decreases as input increases.
2. As input increases, the average cost decreases.
3. The cost of a fixed item is variable.
4. The fixed cost is smaller than the variable cost.

2. Production efficiency entails.

1. decreasing the workforce’s size
2. delivering a particular output with the least expensive combination of production parameters
3. Sitting on your hips and praying for Angels to do the work
4. raising the fixed factor of production’s quantity.

Answer is B

3. In economics, scarcity means

1. Human desires are boundless, yet the economy has limited resources.
2. Resources are infinite
3. the economy is struggling to keep up with demand.
4. There are a finite number of resources.

Answer is D

4. Air is necessary for life, but it comes at no cost! However, while diamonds are not necessary for life, they attract a hefty price! The paradox of _____ is as follows:

1. prudence
2. worth
3. Abundance
4. Scarcity

Answer is D

5. Inflation has the impact of ______

1. uses barter to discourage trade.
2. is biased in favor of debtors at the expense of creditors.
3. boosts salaried workers’ real earnings
4. making a country’s exports more valuable.

6. What could a nuclear power plant’s opportunity cost be?

1. the power station’s operating costs
2. the coal-fired power plant, for example.
3. the power station’s current value
4. the cost of constructing the power plant.

WAEC Economics Questions and Answers 2023/2024 Theory PDF Download

The Paper 2 of the WAEC Economics Questions and Answers are Characterized by Theory. See below for a sample of Economics theory questions.

 

Question 1.

A. Explain in detail what money is and the types of money

Answer:- Money is an economic unit that serves as a universally accepted means of trade in a transactional economy. Market-determined legal tender or fiat money, money substitutes, and fiduciary media, and electronic cryptocurrencies are all examples of money.

B. What are the things that money can be exchanged for?

The number of things that will be exchanged for one unit of money is the

• value of money
• Money’s purchasing power, or the amount of goods and services it can buy, determines its value.

Question 2.

A. What is the demand for money?

The desire to hold financial assets in the form of money is known as the demand for money. In other words, rather than investments, cash or bank deposits are preferred.

WAEC Question Format & Instructions 2023/2024

In order to avoid failing WAEC, there is a list of rules all the applicants need to follow they may not be aware of. We will simply go through these unwritten rules so that they be in the know:

1. Always double-check and triple-check to ensure your details are correctly written on your question paper.

2. Do not write your name and number on more than one answer sheet in the exam hall.

3. Avoid doing expos at all costs.

3. Always read and understand the instructions on your answer booklet before attempting questions.

4. In your objectives, do not shade more than one answer as shading two might lead to penalties.

5. Always ensure to use HB pencils while shading. Shading with Pen is strictly prohibited.

6. Remember not to forget details that might lead you to jail

7. Go through your past question and syllabus two days to your exam date and make only revisions on your exam day to avoid brain lags

8. Have all your writing materials, calculator, pens, and everything you will need.

Frequently Asked Questions

Below are some frequently asked questions for you:

1. What are some good economics questions?

Product: What to produce

Location: Where to produce

Process: How to produce

Consumers: For whom to produce

2. What are the two main branches of economics?

Microeconomics and macroeconomics are the two basic categories in which economics is split.

Individual and corporate decisions are studied in microeconomics, whereas country and government actions are studied in macroeconomics.

3. What is Economics

Economics is the study of the production, distribution, and consumption of goods and services. Economists address these three questions:

• What goods and services should be produced to meet consumer needs?

• How should they be produced, and who should produce them?

• Who should receive goods and services?

4. What are the 5 Economics Questions?

Economic systems are ways that countries answer the 5 fundamental questions:

• What will be produced?

• How will goods and services be produced?

• Who will get the output?

• How will the system accommodate change?

• How will the system promote progress?

5. What are the 3 Economics?

There are three main types of economies: free market, command, and mixed.

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