WAEC Economics Questions and Answers 2023/2024 Objectives/Essay. An opportunity is provided for candidates looking for the Likely Economics Expo/runs for SSCE while Exams are going on. Economics WAEC Questions and Answers and how to answer WAEC Economics Questions for Theory and objectives papers are provided here.
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WAEC 2023 Economics Objectives Questions and Answers PDF
WAEC economics questions paper is usually divided into 2 sections which are the objective section also known as OBJ and the theory section. Below are the WAEC economics questions and answers to 2023/2023 PDF file today
1. International trade and domestic trade are similar in all aspects except that
- A. Transportation by land, water and air is involved
- B. Goods are exchanged
- C. Services are exchanged
- D. The same currency is used as the medium of exchange
- E. Specialization and increased consumption is encouraged
ANSWER: D ( The same currency is used as the medium of exchange )
2. A condition which adversely affects expansion of production is
- A. Effective management
- B. Limited size of the market
- C. Availability of funds
- D. Increased profit prospects
- E. Increasing returns to scale
ANSWER: B ( Limited size of the market )
3. The drawer of a cheque is the
- A. Person who is to be paid the sum of money as written on the cheque
- B. Person who takes the cheque to the bank
- C. Bank on which the cheque is drawn
- D. Person who writes out the cheque
- E. Bank official who certifies the payment
ANSWER: D ( Person who writes out the cheque )
WAEC Economics Past Questions and Answers
Below are WAEC Economics past questions that may be repeated. Practice the following questions and confirm your answers where applicable.
1. As consumption of beer increases, its marginal utility to a drinker will
- A. Increase
- B. Remain constant
- C. Fluctuate
- D. Decrease
- E. Change proportionally
2. Which of the following sector of the economy is estimated to be the largest employer of labour in the country
- A. Construction
- B. Agriculture
- C. Distribution
- D. Mining and petroleum
- E. Transport and communication
3. The expression ‘terms of trade’ is used to describe
- A. Quality of export
- B. The direction of foreign trade
- C. Terms of purchase on deferred payment basis
- D. The rate at which export exchange for imports
- E. Import licensing
4. If the demand of a product with perfectly elastic supply increases, there will be
- A. An increase in price and quantity offered
- B. An increase in quantity offered but price will remain the same
- C. A reduction in price and quantity offered
- D. An increase in price but a reduction in quantity offered for sale
- E. An increase in quantity offered but a reduction in price
5. Which of these would not be included in the fundamental principle of a free enterprise economy
- A. Private ownership of factors of production
- B. The right to organize factor for production purposes
- C. The right to make private profit
- D. Government control of mobility of factor of production
- E. Government effort to encourage competitive capitalism within the law of the country
6. An increase in liquid reserve requirements by the central bank of Nigeria will result in
- A. a reduction in commercial banks’ excess reserves
- B. more commercial bank loan to members of the public
- C. an increase in commercial banks excess reserves
- D. no change in commercial banks excess reserves
- E. a reduction in central banks gold reserves
Today’s WAEC economics objectives questions and answers for WAEC SSCE Exams loading..
Economics Essay 2023 Questions and Answers for WAEC SSCE PDF
The following are the WAEC Sample Past Question.
Attempt All of the above. If you are able to answer them on your own, be assured that the exams is yours.
- (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
- (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.
- (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.
- (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.
- (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.
1.(a) Differentiate between human capital and physical capital.
(b) State three ways of improving on the stock of human capital in your country.
Economics theory WAEC questions and answers updating..
Free WAEC Economics Expo/Runs for SSCE 2023/2024
The likely Expo/runs for the economics exams is coming your way stay tuned and keep checking back.
The West African Examination Council is responsible for the setting and marking of the Examination. The marking scheme already is out. To make good grades, present your Answers appropriately.
When you get to the examination hall, settle down, and avoid unnecessary distractions. Immediately the question paper is given to you, make sure you, first of all, read the instructions, do not rush into answering those questions.
How to Pass WAEC Economics:
- 1. Make up your mind to Pass
- 2. Have self-confidence
- 3. Start Studying Early
- 2. Make Use the WAEC 2020 Syllabus.
- 3. Pray to God Your creator
- 4. Adhere to exams instructions.
- 5. Use your Time Wisely.
- 6. Be punctual to the examination venue
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