WAEC Economics Questions and Answers 2021/2022 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 are provided here.
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WAEC 2021 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 2021/2022
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
B. Remain constant
E. Change proportionally
2. Which of the following sector of the economy is estimated to be the largest employer of labour in the country
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
7. A distinguishing characteristics of a consumers’ cooperative is the fact that
A. the customers are the owners
B. the customers are the workers
C. the customers are the managers
D. the customers are low income people
E. the customers are high income people
8. Disposable income is the same thing as
A. personal income minus personal savings
B. personal inome minus taxes
C. national income minus depriciation
D. exports minus imports
E. savings plus investments
9. Marginal cost is
A. Lowest cost of producing goods
B. The cost of production of the most efficient firm in the industry
C. Cost of production of the most inefficient firm in the industry
D. The cost of production of the last or extra unit of goods produced by a firm
E. The cost of production at which the minimum profit is obtained by a firm
10. Which of the following is not a form of business organization
A. A sole proprietorship
D. Joint stock
E. Cooperative society
11. A Tax which takes a higher percentage from higher incomes is called?
A. a regressive tax
B. a progressive tax
C. a proportional tax
D. an indirect tax
E. a direct tax
12. Which of the following statements is true?
A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
B. taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
C. The sole proprietor is a legal entity
D. the influence of demand on price will be smallest on the short run
E. the cost of production is the most important determining factor of supply in the long run
13. The largest liability appearing in the book of a commercial bank is
C. loans and advances
D. capital and reserves
E. treasury bills
14. The Lagos clearing house is
A. a commodity market
B. an import licensing centre
C. another name for the Lagos stock exchange
D. an insurance and underwriting centre
E. a cheque sorting centre
15. The biggest source of government revenue in Nigeria is
A. mining, rents and royalties
B. company income tax
C. import duties
D. export duties
E. petroleum profit tax
16. Price control cannot work in Nigeria because
A. the population is too large
B. the policemen hate to arrest people
C. while it is fairly easy to control producers and importing firms, smaller distributors are too many to be controlled
D. control cannot work under military rule
E. too many things are produced in the country
17. The foreign exchange market is a market where
A. graded commoditties like wheat, flour, etc are sold and bought
B. currencies are sold and bought
C. treasury bills are sold and bought
D. government bonds are sold and bought
E. treasury certificates are sold
18. Which of the following financial assets consist the lowest rate of interest in Nigeria?
A. commercial bills
B. call money
C. treasury bills
D. development loan stocks
E. deposits with the federal savings bank
19. The effect of the demand for product A caused by a change in the price of a product B is called?
A. cross-elasticity of demand
B. elasticity of supply
C. competitive demand
D. composite demand
E. joint demand
20. Which of the following can be regarded as a liability of a commercial bank?
C. treasury bills
21. Malthus became famous through his theory which may be stated simply
A. the death rate may become so high that people may not be able to produce
B. population may outgrow the means of subsistence
C. people will eventually decide not to have children
D. migration of people from one place to another may leave some parts of the world barren
E. all of the above
22. A commercial bank is unique in that it is only the institution that
A. makes loans to private people and businessmen
B. accept deposits
C. can store peoples’ valuables
D. can transfer money from one place to another for its customers
E. saves money through the granting of credits
23. Which is an example of an invisible item in the trade Account of Ghana?
A. Export of Cocoa from Ghana
B. Import of oil from Nigeria
C. A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
E. None of the above
24. Which is NOT a direct effort to increase Agricultural production in Nigeria?
A. Operation feed the Nation
B. Nigerian Youth Service Corps
C. Increased loans to farmers and cooperatives
D. Research in Agric & Extension services
E. Mechanization of Agriculture
25. If a company doubles all its inputs and discovers that its output is more than doubles, we can say that the company is experiencing
A. Increasing Marginal utility
B. Diseconomies of scale
C. Increasing costs
D. Constant returns to scale
E. Increasing returns to scale
26. Suppose that the equilibrium price of an article is N5.00 but the government fixes the price by law at N4.00, the supply will be
A. The same as equilibrium supply
B. Greater than equilibrium supply
C. Less than the equilibrium supply
D. Determined later by government
E. None of these
27. A budget deficit means
A. That a country is buying more than is selling
B. That a country is selling more than is buying
C. That a government is spending more than in takes in taxation
D. That a government is spending less than it takes in taxation
E. That a government is spending as much as it takes in taxation
28. When elasticity is zero, the demand curve is
A. Perfectly elastic
B. Perfectly inelastic
D. Downward slopping
29. The following is NOT a reason for the existence of small firms
A. Scale of production is limited by size of the market
B. Expansion brings diminishing returns
C. Large firms can carter for wide markets
D. Small firms can provide personal services
E. All of the above
30. Inferior goods are referred to in Economics as goods
A. Whose quality is low
B. Consumed by very poor people
C. Whose consumption falls when cunsumers’ income rises
D. Which satisfy only the basic needs
E. None of the above
Today’s WAEC economics objectives questions and answers for WAEC SSCE Exams loading..
Economics Essay 2021 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.
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Free WAEC Economics Expo/Runs 2021/2022
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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