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The West African Examination Council (WAEC) Economics paper 1 and 11 (Objectives and Essay) schedule is available in the official WAEC Timetable. All the necessary materials will be provided by the management board for the smooth running of the exams. To pass WAEC Economics with A1, keep reading fore latest news on correct WAEC Economics answers.
WASSCE Economics past Questions papers has been provided here to help you get ready for the questions that will be presented to you. Likely Economics expo questions and Answers and how to answer the questions without wasting time are equally provided.
Economics Answers to Objectives Questions
There are free WAEC Economics Past Questions and Answers for you. Take your time and make good use of it while waiting for the latest update on Likely WAEC Economics expo.
The following are Sample WAEC Economics Objectives Past Questions and Answers:
1. The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5,7, 6, 8, 9 and 7. What is the median mark?
- A. 7
- B. 8.5
- C. 8
- D. 7.5
Answer: A (7)
2. Trade protection will assist economic growth in developing countries if it can
- A. generate enough revenue through export duties
- B. effectively safeguard newly established firms
- C. eliminate importation of all commodities
- D. allow the importation of cheaper goods people want
Answer: B (effectively safeguard newly established firms)
3. A joint stock company enjoys perpetual existence because
- A. there is a higher degree of specialization
- B. it is a corporate entity
- C. it is formed by a minimum of seven members
- D. its shares are easily
Answer: B (it is a corporate entity)
4. The average revenue curve of a firm in a perfect market is the same as the
- A. supply curve of the firm
- B. average cost curve of the firm
- C. demand curve of the firm
- D. total revenue curve of the firm
Answer: C (demand curve of the firm)
5. Petrol and Kerosene are jointly obtained from crude oil. If the supply of petrol increases, the
- A. cost of crude oil production has increased
- B. supply of kerosene will rise
- C. supply of kerosene will remain unchanged
- D. supply of kerosene will fall
Answer: B (supply of kerosene will rise)
6. When more of tax on a product is borne by the buyer than the seller, the commodity involved has
- A. perfectly elastic demand
- B. perfectly inelastic demand
- C. fairly inelastic demand
- D. elastic demand
Answer: C ( fairly inelastic demand)
7. Which of the following is not a problem facing Economic Community of West African States (ECOWAS)?
- A. Poor transportation and communication
- B. Inadequate supply of labour
- C. Production of the same commodities
- D. Language barriers
Answer: B (Inadequate supply of labour)
8. A joint stock company enjoys perpetual existence because
- A. it is formed by a minimum of seven members
- B. it is a corporate entity
- C. there is a higher degree of specialization
- D. its shares are easily
Answer: B (it is a corporate entity)
9. Trade protection will assit economic growth in developing countries if it can
- A. generate enough revenue through export duties
- B. effectively safeguard newly established firms
- C. eliminate importation of all commodities
- D. allow the importation of cheaper goods people want
Answer: B (effectively safeguard newly established firms)
10.Exploitation of solid minerals in developing countries can stabilize their revenue base mainly because it helps in
- A. promoting a mono-economy.
- B. the transfer of technology.
- C. the diversification of the economy.
- D. the provision of energy.
Answer: B (the transfer of technology.)
11.One major achievement of the Eco- nomic Commission for Africa (ECA) is the
- A. setting up of the African Development Bank (AfDB).
- B. provision of long-term loans to non-members.
- C. reduction of balance of payments problems in Africa.
- D. removing the gap between African countries and the rich nations.
Answer: A (setting up of the African Development Bank (AfDB).)
12.Harmonised monetary and fiscal policies is a feature of
- A. a free trade area.
- B. an economic union.
- C. a customs union.
- D. a common market.
Answer: A (a free trade area.)
13.Short-term deficits in the current account of the balance of payments can be financed by balancing with the
- A. invisible account.
- B. capital account.
- C. visible account.
- D. national income account.
Answer: C (visible account.)
14.Terms of trade is favourable when the
- A. value of visible imports is greater than that of visible exports.
- B. price on imports is greater than that of exports
- C. payments on imports is greater than receipts from exports.
- D. price of exports is rising faster than that of imports.
Answer: D (price of exports is rising faster than that of imports.)
15.Devaluation of currency will help to correct balance of payments deficit if a country’s
- A. exports have perfectly inelastic demand.
- B. imports have inelastic demand.
- C. exports have elastic demand.
- D. productivity is low.
Answer: C (exports have elastic demand.)
16.Balance of payments is defined as the
- A. difference between the values of visible imports and visible exports.
- B. record of financial transactions between a country and the rest of the world.
- C. relationship between prices of exports and prices of imports.
- D. difference between a country’s expected revenue and proposed expenditure
Answer: B (record of financial transactions between a country and the rest of the world.)
17.One indicator of the low level of cap ital formation in developing countries is
- A. low per capita income.
- B. high rate of investment.
- C. low importation of consumer goods.
- D. high rate of household savings
Answer: A (low per capita income.)
18.An increase in a country’s production capacity usually leads to economic
- A. development.
- B. stability.
- C. growth
- D. efficiency.
Answer: C (growth)
19.Supply of money is best defined as the
- A. money in circulation plus bank deposits.
- B. money given out as loans to members of the public.
- C. amount of currency printed annually by the government.
- D. amount of money spent on consumer goods
Answer: A (money in circulation plus bank deposits.)
20.Capital market operators deal in the
- A. supply of and demand for short term loans only.
- B. supply of and demand for long term loans for investment.
- C. sales and purchases of treasury bills.
- D. sales and purchases of capital equipment.
Answer: B (supply of and demand for long term loans for investment.)
21.Money supply will increase when the Central Bank
- A. buys securities from the public.
- B. increases the reserve requirements.
- C. increases the bank rate.
- D. sells securities to the public.
Answer: A (buys securities from the public.)
22.Expansionary fiscal policy implies
- A. decreasing bank loans.
- B. raising tax rates.
- C. increasing the bank rate.
- D. decreasing tax rates.
Answer: D (decreasing tax rates.)
23.A commodity with perfectly inelastic demand has the burden of tax borne by
- A. both the sellers and the buyers.
- B. the buyers alone.
- C. the government alone.
- D. both the buyers and the government.
Answer: B (the buyers alone.)
24.The function of money that enables credit purchases of goods and services is
- A. unit of account.
- B. store of value
- C. standard for deferred payment.
- D. D. relative scarcity.
Answer: C (standard for deferred payment.)
25.One effect of inflation is that
- A. money’s purchasing power will increase.
- B. the real incomes of workers will rise.
- C. both borrowers and lenders benefit from it.
- D. money’s purchasing power will fall.
Answer: D (money’s purchasing power will fall.)
26.Use the table below to answer this question and 27.
| Gross National Product | $400m |
| Depreciation | $100m |
| Total Population | 25m |
The value of per capita income is
- A. $20.
- B. $12.
- C. $16.
- D. $4.
Answer: C ($16.)
27.The value of Net National Product is
- A. $100 m
- B. $275 m
- C. $300 m
Answer: C ($300 m)
28.National income estimates will be understated as a result of the activities of
- A. subsistence farmers.
- B. musicians.
- C. laundry women.
- D. housekeepers.
Answer: A (subsistence farmers.)
29.In determining the growth of a country’s population, infant mortality is a component of
- A. immigration rate.
- B. fertility rate.
- C. net migration.
- D. death rate.
Answer: D (death rate)
30.The low productivity per worker in agriculture experienced in West African countries is due to
- A. laziness on the part of farmers.
- B. the use of simple traditional implements.
- C. the presence of many extension workers.
- D. the law of increasing returns to scale.
Answer: B (the use of simple traditional implements.)
31.What will be the likely effect if agriculture is fully mechanized in West Africa?
- A. More jobs will be available for farm labourers
- B. Labour intensive method of farming will still be dominant
- C. Less labour will be required on the farm
- D. Governments will no longer be involved in agriculture
Answer: C (Less labour will be required on the farm)
32.Locating firms in urban areas
- A. reduce rural-urban migration.
- B. ensure balanced development of rural areas.
- C. make a firm enjoy the bene- fits of the existence of other firms.
- D. increase urban-rural migration.
Answer: C (make a firm enjoy the bene- fits of the existence of other firms.)
33.An advantage a small firm has over a large firm is that the former can better
- A. enjoy financial economics of scale
- B. satisfy individual tastes.
- C. enjoy internal economics of scale.
- D. attract huge discounts on inputs.
Answer: C (enjoy internal economics of scale.)
34.Malthus predictions did not come to pass mainly because
- A. food supply and population grew at the same rate.
- B. the use of machines in agriculture was discouraged.
- C. a lot of people died during epidenties.
- D. many people emigrated to the new lands.
Answer: D (many people emigrated to the new lands.)
35.The supply of labour to an occupation will tend to rise when
- A. there are less monetary benefits.
- B. holiday entitlement is cut.
- C. welfare packages improve.
- D. unemployment benefit rises.
Answer: C (welfare packages improve.)
36.Warehousing of goods in the process of distribution is the function of
- A. Supermarkets
- B. departmental stores
- C. retailers
- D. wholesalers
Answer: D (wholesalers)
37.Separation of ownership from control is more pronounced in a
- A. partnership
- B. joint-stock company
- C. sole proprietorship
- D. constimer co- operative society
Answer: B (joint-stock company)
38.The government policy that encourages public corporations to operate profitably is
- A. liberalization
- B. nationalization
- C. commercialization
- D. indigenization
Answer: C (commercialization)
39.
The table below shows the supply and demand schedule for apples. Use it to answer question 17
| Price ($) | Quantity demanded | Quantity supplied |
| 10 | 50 | 25 |
| 20 | 35 | 35 |
| 30 | 20 | 45 |
| 40 | 5 | 55 |
At what price is excess supply equal to 25?
- A. $10
- B. $30
- C. $30
- D. $40
Answer: C ($30)
40.Which of the following best explains diseconomies of scale? Increase in output causes the
- A. average cost to rise.
- B. marginal revenue to fall.
- C. marginal cost to fall.
- D. firm to be de- stabilized.
Answer: A (average cost to rise.)
41.In the short-run, a firm can increase output by
- A. increasing the size of its machines.
- B. purchasing more equipment.
- C. changing its organizational structure.
- D. increasing the quantity of raw materials.
Answer: D (increasing the quantity of raw materials.)
42.The fixed cost of producing 100 units of a good is $600. If the variable cost is $400. the average total cost of one unit of the good is
- A. $4
- B. $6
- C. $8
- D. $10
Answer: D ( $10)
43.Firms in perfect competition break even in the long-run because
- A. new firms can not enter the market due to copyright laws.
- B. more firms can enter the industry due to attractive prof its.
- C. marginal revenue is greater than marginal cost at all levels.
- D. profits are not enough to repay traders’ loans.
Answer: A (new firms can not enter the market due to copyright laws.)
WAEC Essay Economics Questions
Q1.(a) Define economic development.
(b) Highlight any three characteristics of a developing nation.
(c) Explain any three measures a country can adopt to facilitate economic development.
Answers:
(a)Economic development is the sustained increase in the Gross Domestic Product accompanied by structural changes in the economy
b(i) The primary sector is predominant, there is a low level of industrialization low level of technology.
(ii) There is high level of poverty
(iii) There is high population growth rate
(iv) There is low level of literacy
(v) There is poor health and insufficient medical facilities
c(i) Engaging in proper economic planning to efficiently allocate its scarce
resources.
(ii) Accelerating the rate of industrialization through government direct investment, provision of capital by financial institutions.
(iii) Provision of economic and social infrastructures such as roads, electricity, water supply communication networks
etc.
(iv) Human capital formation through the establishment of educational institutions and other informal training.
(v) Adoption of measures to reduce the growth rate of population
Q2. (a) Define Central Bank.
(b) Outline three ways in which the Central Bank of a country can reduce money supply.
(c) Explain how the Central Bank plays its role as:
(i) banker to the government; (ii) banker to commercial banks; (iii)lender of last resort.
Answer:
(a) The Central bank is the government owned financial institution that controls and supervises the entire monetary system of a country.
b(i) Open market operations:
This involves the sale and purchase of government securities in the open market. When there is too much money in circulation, the Central bank sells government securities such as treasury bills through the commercial banks to the pubic. This reduces money in the hands of the public, thus reducing money supply.
(ii) Bank rate:
This is the rate at which the Central bank lends to commercial banks and discounts bills of exchange. When money supply increases, the Central bank increases the bank rate and so borrowing from the Central bank by commercial banks is at a high interest rate. Thus, commercial banks will raise the interest rates on loans given to the public. The members of the pub- lic get discouraged by the high interest rate charged by commercial banks thus reducing lending and money supply.
(iii) Cash ratio:
This is the percentage of all deposits that commercial banks are required by law to keep against customers withdrawals. If money supply goes up, the Central bank raises the cash ratio and so less money is available as loans to the public thus reducing money sup- ply.
(iv) Special deposits:
This is an extra amount that commercial banks are supposed to keep with the Central bank. To reduce money supply, the amount paid as special deposit is increased thereby reducing the ability of the commercial banks to grant more loans.
(v) Directives:
When there is an increase in money supply, commercial banks are asked to limit their lending and give loans to specified sectors of the economy.
c(i) Banker to the government:
The Central bank operates both internal and external banking business on behalf of the government. It keeps government accounts, makes payments and receives cash on behalf of the government. It borrows from the public by selling securities on behalf of the government.
(ii) Banker to commercial banks: The Central bank accepts deposits from the commercial banks and keeps a percentage of their deposits as re- serves. It offers a clearing house system by settling inter-bank indebtedness.
(iii) Lender of last resort:
When commercial banks are in crisis, it is the duty of the Central bank to bail them by lending these banks money. This helps to keep them going since they cannot fold up due to liquidity problems.
Q3. (a) Explain the following concepts (i) labour force; (ii) over-population; (iii) Mobility of labour (iv) optimum population
(b) Outline four factors responsible for the rapid growth in the population of a country.
Answers:
a(i) Labour force – This refers to the num- ber of people working at the existing wage rate and the number of people in the active age group actively seeking employment. (ii) Over-population – This exists when
the size of a country’s population does not effectively combine with the avail- able resources and the level of technology such that output begins to fall from the optimum level. Reduction in the population will increase output per head
(iii) Mobility of labour – This refers to the ease with which labour moves from one location to the other within the same occupation or changes job.
(iv) Optimum population – This exists when the population of a country effectively combines with the available resources and the level of technology which gives the maximum output per head.
b(i) A high birth rate among the populace will lead to an increase in-population.
(ii) Early marriages on the part of males or females will increase the population.
(iii) The desire of couples to have large families due to socio-economic factors will increase a country’s population e.g. children are an insurance against old age
(iv) Polygamous marriages will produce more children than monogamous marriages
(v) Low death rate due to improved medical care. good sanitation and falling infant mortality rate will increase the population
(vi) Relaxed immigration policies can in- crease the population of a country
(vii)Socio-cultural factors against the education of the girl – child will increase population
Q4.(a) With the aid of relevant diagrams, distinguish between an increase in supply and an increase in quantity supplied.
(b) Explain how a decrease in income tax will affect the demand for a normal good and an inferior good.
(c) Explain how an increase in the supply of a substitute will affect the demand for a commodity.
Q5. (a)Define the term distribution.
(b) Outline three ways in which the retail- er is important to the consumer.
(c) Explain three disadvantages of the operation of middlemen in the distribution process
Q6. In recent times, developing countries that are predominantly agriculture oriented are searching for ways of diversifying their economies. Many of these countries strive to exploit the available solid mineral deposits in their land as a means of promoting industrialization. In view of the above statement,
(a) define the term;
(i) industrialization; (ii) mineral resources.
(b) apart from promoting industrialization, identify any three benefits of exploiting mineral deposits.
(c) Outline any three benefits of industrialization to a developing country.
Q7.The management of a fruit juice pro- duction company was directed by the shareholders to increase the revenue from the sale of its product. The management decided to increase the price of the fruit juice from $7 to $$ 10 per unit and this led to a fall in quantity demanded from 150 units to 30 units.
Use the information above to answer the questions that follow.
(a) Calculate the;
(i) Percentage increase in the price; (ii) percentage decrease in the quantity demanded
(iii)coefficient of price elasticity of demand for the fruit juice.
(b) Is the demand for the fruit, price elastic or inelastic? Give a reason for your
answer.
(c) Did the management of the company achieve its objective of increasing revenue? Explain your answer.
(d) From your answers in 2a(iii), was the increase in the price of the fruit juice a rational strategy to employ in order to increase revenue? Explain your answer.
How to pass WAEC exams
It’s important to make your West African Senior Secondary School Certificate Examination a huge success. The following ways are beneficial to candidates that wish to pass WAEC with flying colors:
1. Make adequate Preparation: By preparing very well for the WAEC Economics Objectives and theory exams, candidates will be able to write the exams confidently.
2. Attending Extra moral Classes: The school teachers might not be able to complete the curriculum on time. On that note, it is advisable for students to attend tutorials that will enlightened the more on the right topics under The syllables.
3. Make good use of Past Questions: The West African Examination Council, WAEC has a pattern of setting questions. Students that make good use of the WAEC Economics past Questions and Answers will surely perform well in the exams. Try and practice the questions set on previous years.
4. Use WAEC Economics Syllabus: The WAEC Economics Syllabus has a list of topics to be treated for years. Candidates should ensures that they use the syllabus while studying and preparing for their exams.
Steps to Answer Questions
The following steps are crucial while trying to answer WAEC Economics questions:
- Candidates are advised to always begin with the simplest questions.
- Adherence to the WAEC exams instructions are very important.
- All the required details should be carefully written or entered on the WAEC Answer booklet.
- Candidate’s handwriting should be very readable.
- It’s important to attempt the required number of questions.
- Candidates should cross check their answers before final submission.
Conclusion
Passing the WAEC Economics exams is very easy. All that is required is to do the needful. Prepare on time, attend tutorials, use past Questions and syllabus and many more.
Those that want to know more about the WAEC Economics questions and Answers should use the comments box hereunder.
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