Students who have registered for the WASSCE Economics exams can access free WAEC Economics Questions and Answers 2023/2024 Objective/Theory Expo. WAEC Economics Questions and Answers for the 2023/2024 session are now available and will be distributed for free to all secondary school students currently enrolled in WAEC.
- 1 Economics WAEC Exam Questions and Answers 2023/2024
- 2 WAEC Economics Past Questions and Answers 2022
- 3 WAEC Economics Objectives (OBJ) Past Questions and Answers Exams 2022
- 4 Economics Past Questions and Answers from the WAEC Theory Download PDF
- 5 WAEC Economics Question Format and Instructions for 2023/2024
Economics WAEC Exam Questions and Answers 2023/2024
This article provides an overview of the types of questions you will likely encounter on the 2023 WAEC Economics Objective (OBJ) and theory exams.
Economics is the field of study concerned with the production, consumption, and transfer of wealth, according to the Oxford dictionary.
This subject is taught to students beginning at a young age, after which they are required to take the West African Examination Council (WAEC) examination to demonstrate subject mastery.
Keep refreshing this page, as we will definitely update this page as soon as the Latest 2023 WAEC Economics Questions and Answers are out…
In the meantime, go through these past questions and Answers for the previous years because they are likely questions for WAEC Economics 2023.
WAEC Economics Past Questions and Answers 2022
Having reviewed several past questions, we have compiled a list of questions that consistently appear on current examinations.
As most students cannot afford to purchase PDFs in order to prepare for exams, we plan to distribute this article along with PDFs for free.
Please review the questions that are likely to reappear in the exam room.
WAEC Economics Objectives (OBJ) Past Questions and Answers Exams 2022
The average number of objective questions on the WAEC Economics Questions and Answers exam is sixty, and the allotted time is one hour and thirty minutes (1hr 30 mins).
It contains text boxes in which you must check only one of the five provided options.
Use the following WAEC Economics Questions and Answers from past exams for practice; see below for additional information.
Instruction: Attempt all Questions
Scale economies are only effective when
As input increases, marginal cost decreases.
As input levels rise, the average cost falls.
A fixed item’s price is variable.
The variable cost is less than the fixed cost.
2. Production efficiency entails.
reducing the size of the workforce to produce a specific output with the least expensive combination of production parameters.
Sitting on one’s haunches and pleading with angels to increase the fixed factor of production’s quantity.
Answer is B
3. In economics, scarcity denotes a lack of resources.
Human desires are limitless, but economic resources are limited.
Although resources are inexhaustible, the economy is struggling to meet demand.
There is a limited quantity of resources.
Answer is D
Life-sustaining air is provided without charge! Despite the fact that diamonds are not essential to life, they command a hefty price! The paradox of ___________ is the following:
prudence \sworth \sAbundance
Scarcity Response is D
5. Inflation has an effect on .
uses barter to discourage trade.
favors the debtors at the expense of the creditors.
Increases the real wages of salaried workers, thereby enhancing the value of a country’s exports.
6. What could the opportunity cost of a nuclear power plant be?
The power plant’s operating expenses
example: the coal-fired power plant
the power plant’s present value
The price of building the power plant.
The Theory dominates Paper 2 of the WAEC Economics Questions and Answers. Below is a sample of questions on economics theory.
A. Describe in detail what money is and its various forms.
Money is an economic unit that is universally accepted as a medium of exchange in a transactional economy. Money includes market-determined legal tender or fiat money, money substitutes, fiduciary media, and electronic cryptocurrencies.
B. What goods can be purchased with money?
The number of items that can be purchased with one unit of currency is the
worth of money
Its value is determined by its purchasing power, or the amount of goods and services it can purchase.
A. What is the monetary demand?
The demand for money is the desire to hold financial assets in the form of money. In other words, cash or bank deposits are preferred over investments.
WAEC Economics Question Format and Instructions for 2023/2024
There is a list of rules that all applicants must follow to avoid failing the WAEC that they may not be aware of. We will simply review these unwritten rules to ensure their understanding:
1. Always double-check and triple-check that your details are written correctly on the exam paper.
In the exam room, do not write your name and number on multiple answer sheets.
3. Avoid doing expos at all costs.
Always read and comprehend the instructions on the answer sheet before answering questions.
4. Do not shade more than one answer in your objectives, as shading two could result in penalties.
Always make use of HB pencils when shading. Pen shading is strictly prohibited.
6. Do not forget details that could land you in jail.
7. Review your past exam questions and syllabus two days before your exam, and make only revisions on exam day to avoid mental fatigue.
Have your writing supplies, calculator, pens, and everything else you will need on hand.
Frequent Requested Information
The following are some frequently asked questions:
What are some interesting economics questions?
What to produce is the product
Where is production occurring?
Producing a product is a procedure.
Consumers: Whom to produce for
What are the two primary subfields of economics?
Microeconomics and macroeconomics are the two fundamental divisions of economics.
Microeconomics examines the actions of individuals and businesses, while macroeconomics examines the actions of nations and governments.
What exactly is Economics?
The study of the production, distribution, and consumption of goods and services constitutes economics. Economists consider the following three questions:
What products and services should be manufactured to satisfy consumer demands?
Who should produce them and how should they be produced?
Who should be the recipient of goods and services?
What are the five questions in economics?
Economic systems are the means by which nations respond to the five fundamental questions.
What will be generated?
How will commodities and services be manufactured?
Who will receive the result?
How does the system adapt to change?
How will the system foster advancement?
What are the top three economics?
There are three primary types of economies: command, free market, and mixed.