Correct 2020/2021 WAEC Economics Questions and Answers to OBJ/ESSAY

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Correct 2020 WAEC Economics Questions and Answers, 2020 WAEC Economics Answers,  2020 WAEC Economics Expo

Below are the Correct 2020 WAEC Economics Answers

The West African Examination Council is an examination body that set questions yearly from areas student should, after their studies in the senior secondary school, be able to write and pass without stress. The following are the  correct answers to WAEC Economics 2020

WAEC Economics Objectives and Theory questions and answers 2020

Below are WAEC Economics past questions that may be repeated


1. One of the advantages of large scale production is that
A. there is a rise in the cost of administration.
B. consumers sacrifice their individual tastes.
C. the firm can use labour-saving machinery.
D. the demand for a firm’s products becomes localized.

2. The location of timber and plywood industries in West Africa is mainly influenced by the availability of
A. transport.
B. water.
C. raw materials.
D. labour supply.

3. Malthus’ population theory states that
A. high death rate may lead to low productivity.
B. population may outgrow the means of subsistence.
C. people will always decide to have children.
D. migration may leave some parts of the world barren.

4. Which of the following is not likely to be an effect of a growing population?
A. Rise in demand
B. Unemployment
C. Fall in standard of living
D. High per capita income

5. Personal savings are generally low in West Africa because of
A. the level of income of the people.
B. the refusal of banks to grant loans.
C. overpopulation.
D. cheaper foreign currencies.


1. The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-

No. of BottlesTotal UtilityMarginal Utility

(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Coca.
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.

2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
(i) Production;
(ii) Distribution;
(iii) Consumption.

3. (a) With the aid of a diagram, explain a minimum price.
(b) State any five measures by which a minimum price for an agricultural produce can be made effective.

4. (a) Describe the output method of measuring the gross domestic product of a country.
(b) How is the net national product at factor cost obtained from gross domestic product?
(c) State two problems associated with the output method.

5. (a) Explain the function of money as a
(i) measure of value;
(ii) store of value.
(b) Show how inflation affects these two functions of money.

6. (a) What is a commercial bank?
(b) Describe any four ways by which the Central Bank controls the amount of Credit given by the commercial banks.

7. (a) Differentiate between human capital and physical capital.
(b) State three ways of improving on the stock of human capital in your country.

  1. Prepare very well for the Economics Exams

Preparation is the key to success. Without your preparation towards the forthcoming Economics exams, you can not know the correct answers to the questions presented before you. Read for your exams

  1. Use Economics Recommended textbooks

The West African Examination Council has outlined some recommended text that will be very useful to you in the course of preparing for the exams. the recommended textbooks are there to help you because the pattern of questions set is likely to be the same as that of the recommended texts. Hence the use of the WAEC Economics recommended texts is the key to success.

  1. Have self-confidence

No one owns yourself, you are the owner, try and coordinate yourself during the exams because nothing in the exams hall is new. I tell you, with self-confidence, you will conquer your Economics Exams.

2.  Pray to God concerning your Economics exams

The Almighty God is your Creator, he cannot hide his face from you if you seek his face. Pray to God for through Him everything is possible in your WAEC Economics day. My God is ever merciful to Hiss children.

3.  Go to the Economics exams venue early

Punctuality is another factor that determines success in exams. You have all days to prepare before your WAEC Economics exams commence. Do not claim to be busy while you suppose to be in the exams venue. Go earlier and settle before the exams start.

4.  Follow strictly the instruction on  the Economics exam paper

Many candidates overlook the instructions given in the exams hall. They think the instructions are not important. this is not good, adhere to the instructions and you will come out the best in your WAEC Economics exams.

5.  Use WAEC syllabus

The WAEC syllabus covers everything you need to know before the examination day. To pass WAEC Economics very well you need to make use of the recommended syllabus

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