WAEC Economics Questions 2024 Objective and Theory Latest Update

Filed in Education by on January 31, 2022

WAEC Economics Questions

WAEC Economics Questions are now out on our website. In this article, I will show you past WAEC Economics random repeated questions for free. You will also understand how WAEC Economics’ questions are set and many more examination details. All you need to do is to stay focused and follow this guide.


The West African Examinations Council (WAEC) is an examination board that conducts the West African Senior School Certificate Examination, for University and Jamb entry examination in West African countries. In a year, over three million candidates registered for the exams coordinated by WAEC.

There will be two papers – Paper 1 and Paper 2; They will combine both of which you will have to write in a 3-hour composite paper.

Paper 1: This will comprise fifty multiple-choice questions to be taken in 1 hour for 50 marks.
Paper 2: This will comprise eight essay-type questions in two sections: Sections A and B.

Section A shall be on data response. They will require candidates to answer four questions choosing one question from Section A and any three questions from Section B. The paper shall last 2 hours for 80 marks.

WAEC Economics Objective Questions

1. One of the advantages of large-scale production is that
A. there is a rise in the cost of administration.
B. consumers sacrifice their tastes.
C. the firm can use labour-saving machinery.
D. the demand for a firm’s products becomes localised.

2. The location of timber and plywood industries in West Africa is mainly influenced by the availability of
A. transport.
B. water.
C. raw materials.
D. labour supply.

3. Malthus’ population theory states that
The A. high death rate may lead to low productivity.
B. population may outgrow the means of subsistence.
C. people will always decide to have children.
D. migration may leave some parts of the world barren.

4. Which of the following is not likely to be an effect of a growing population?
A. Rise in demand
B. Unemployment
C. Fall in the standard of living
D. High per capita income

5. Personal savings are low in West Africa because of
A. the level of income of the people.
B. the refusal of banks to grant loans.
C. overpopulation.
D. cheaper foreign currencies.

6. Devaluation of currency in a country is likely to lead to
A. increasing population.
B. increasing imports.
C. exports becoming cheaper.
D. reduced exports.

7. Which of the following is not a benefit derived from the petroleum industry?
A. Increased foreign exchange earnings
B. Establishment of refineries and petrochemical industries
C. Employment of a greater proportion of the population
D. Development of airports, seaports and other social infrastructure

8. An efficient weapon used in resolving disputes between employees is
A. co-operation.
B. collective bargaining.
C. display of placards.
D. legal action.

9. A country’s balance of payment is in deficit when
A. a country’s payments for imports of invisible goods are greater than her receipts from exports of invisible goods.
B. the total receipts from her export of visible and invisible goods are greater than her payments for visible and invisible imports.
C. it can record a surplus on the current account of her balance of payments accounts.
D. the total payments for visible and invisible imports are greater than the total receipts from her exports of visible and invisible goods.

10. Which of the following features best describes peasant agriculture in West Africa? It.
A. specializes in the production of one crop.
B. involves the use of small farm holdings.
C. is a capital-intensive system of farming.
D. is mostly associated with tree crops

DISCLAIMER! These are not real WAEC Economics questions, but likely repeated questions over the years to help candidates understand the nature of their examinations. Ensure to note every question provided on this page.

WAEC Economics Essay Questions

1. The table below represents a traveller’s consumption of bottles of Coca-Cola. Study it carefully and answer the questions that follow:-

No. of Bottles Total Utility Marginal Utility
1. 15 15
2. 29 F
3. 42 13
4. D 12
5. 65 G
6. 75 H
7. E 0

(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Cola.
(c) Explain the law of diminishing marginal utility as the basis for the slope of the traveller’s demand curve.

2. (a) Distinguish between economic activities and an economic system.
(b) Explain the following terms:
(i) Production;
(ii) Distribution;
(iii) Consumption.

3. (a) With the aid of a diagram, explain a minimum price.
(b) State any five measures by which a minimum price for agricultural products can be made effective.

4. (a) Describe the output method of measuring the gross domestic product of a country.
(b) How is the net national product at factor cost got from the gross domestic product?
(c) State two problems associated with the output method.

5. (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.

6. (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.

7. (a) Differentiate between human capital and physical capital.
(b) State three ways of improving the stock of human capital in your country.

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