WAEC Economics Questions and Answers 2024/2025 (Objectives/Essay) Now Released

It’s time to bring you good news on WAEC Economics Questions and Answers. If your target is to have A1 in Economics, this page is for you. The latest Economics Objectives and theory Questions and Answers for WAEC this year has been taken care of here.

WAEC Economics Questions and Answers

It’s obvious many might be searching for 2024 free WAEC Economics expo or runs on the Essay and objective sections. Such candidates are equally covered, as I have taken it upon myself to provide all the necessary updates on the Economics exams and PDF download.

In addition to the above mentioned opportunities, there is sampled WAEC Economics Past Questions and Answers for practice before the main exams. Do well to make good use of the likely WAEC expo/runz Economics Objectives and Essay updates provided hereunder.

Free WAEC Economics Objectives Questions and Answers 2024

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)

Essay Questions

Below are WAEC Economics Theory Past Questions and Answers:

1a. What is an embargo?

b. Outline any **three* reasons for imposing tariffs on imports

c. Explain any three reasons against the use of tariffs

2a. Define Gross Domestic Product (GDP)

b. Describe the output approach as a method of computing national income

c. Identify any three problems associated with the expenditure approach of calculating national income

3a. Differentiate between a sole proprietorship and a partnership

b. List four characteristics of a sole proprietorship

c. Outline four advantages of a public limited liability company.

How to Answers WAEC Economics Questions

The following steps are very important for candidates that wish to make good grades:

1. Read all the Instructions provided in the Question paper: This is a very important thing to do as soon as the Question paper is given to you. The essence of this is to help you know what you are required to do. Try as much as possible to adhere to the exams instructions.

2. Fill in Your details where required on the Answer booklets. One of the greatest mistakes candidates make is failure to write their details on the Answers booklet. Filling Your exams details before attempting questions is important because you may forget or may cut off with time.

3. Start with the Questions you know best: This is a smart approach. When you start answering the questions you know very well, you will not only have the confidence to answer the difficult ones but give the marker/examiner a good impression about your knowledge of the subject.

4. Read the Questions at least Thrice before providing solutions: Don not be in a haste to answer questions. Try and read them over and over again to gain full understanding of the questions.

5. Make your handwriting are readable: Take your time to write very well, a good handwriting will make your answers clear understandable.

6. Cross Check your work before submission: I’m all your doing, don’t fail go through your work before submitting your answer booklet. This will enable you to correct mistakes made.

Essay/Objectives WAEC Expo/Runs

It’s important to know that there’s nothing like WAEC Expo or Runs. Many platforms may be promising you Expo on WAEC Economics, you have to be wise in order not to be scammed.

All we do is to ensure that we provide you with all the necessary steps and updates on how to pass your exams without Stress. Stay tuned for more Related Updates.

If your still have something to ask about the WAEC Questions and Answers for Economics, use the comments section below.

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