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Home » WAEC Economics 2022/2023 Past Questions and Answers PDF Download

WAEC Economics 2022/2023 Past Questions and Answers PDF Download

WAEC Economics Past Question and Answer is here and those of our readers reading this article are urged to take note of all the questions outlined here as these questions can aid in your preparation for the next examination as many people scored high by just practicing with the questions below.

Past questions are necessary for those who are writing examinations because they would give you a preview of what the examination can look like and what to expect. Most questions in the West African Examination Council Examinations are repeated and those that are not repeated might be similar to some in other previous years.

WAEC GCE Examination is around the corner,and those who would be writing Economics can start preparing for their examinations by making use of the questions below because the GCE examination is conducted by the same examination body[WAEC].

WAEC Economics Past Questions and Answers

In this article, we would give you some WAEC past questions for you to practice

1.The fundamental economic problem in every society is

a. The large number of the unemployed b. Inadequate supply of money c. Corruption and mismanagement d. Limited supply of productive resources

2. A point X inside a production possibility curve indicates that

a. Resources are fully utilized b. The country is poor c. Some resources are idle d. Resources are not available

3. The major employer of labour in developing countries is the

a. Tertiary sector b. Secondary Sector c. Primary sector d. Industrial Sector

4. The desire for profit is a major feature of

a. Traditional economy b. mixed economy c. market economy d. command economy

5. The wages of a group of workers in dollars are 40, 30. 70, 60, 10, 10, 80, 30, and 10
What is the mean wage?

a. $35 b. $36 c. $37 d. $38

6. If the coefficient of price elasticity of demand of a product is zero, then its demand curve will be

a. parallel to the quantity axis b. parallel to the price axis c. negatively sloped d. positively sloped

7.If the demand function is Qd = -0.5p + 20, calculate the quantity demanded, when price is $15.00

a. $27.50 b. $12.50 c. $12.50 d. $27.50

8.If less of a good is bought as one’s income increases, such a good is

a. a normal good b. a luxury c. a necessity d. an inferior good

9. The demand for coffee and tea is

a .joint b. competitive c. composite d. derived

10.What effect will an increase in the supply of fish have on the meat market

a. A fall in equilibrium price and quantity b. An increase in equilibrium price and quantity c. An increase in equilibrium price and a fall in quantity d. Both equilibrium price and quantity remains unchanged

11.Whic of the following factors is not a condition for a change in supply of a commodity?

a. Improved technology b. Cost of production c. The price of the commodity d. Government tax policies

12.Supply of agricultural products is likely to be elastic in the

a. Intermediate period b. long-run c. market period d. short-run

13. Two conditions X and Y are in joint supply when

a. X is a by-product of Y b. X and Y are produced by the same firm c. Increase in quantity of X leads to decrease in Y d. X and Y cannot be produced in the same process.

14. Table I

Unit Of Quantity ConsumedTotal UtilityMarginal Utility
0
11010
2155
3172
4181
51180

Table I illustrates the law of

a. diminishing returns b. diminishing marginal productivity c. diminishing marginal utility d. variable proportion

15. When the price of a good is above the equilibrium, there will be

a. A shortage b. A surplus c. Unemployment d Inflation

16. A firm that closes down will still incur?

a. variable cost b. fixed cost c. total cost d. marginal cost

17. The production cost that varies inversely with output is the?

a.total fixed cost b. marginal fixed cost c. average fixed cost d average cost

18. The middleman is responsible for

a. providing research facilities b. purchasing raw materials c. designing the product d breaking the bulk

19. The major function of the retailer is to ?

a. grant credit to the wholesaler b. break bulk and sell product c. Unemployment d Inflation

20. If Petrol is no longer needed to produce energy, then demand for crude oil?

a. will increase b. will remain constant c. may be limited to chemical industries d will make producing countries richer

21. The main function of the African Development Bank(AFDB) is to?

a. promote free trade and development among members b. provide loans to finance the balance of payments problems c. provide loans to members to finance viable projects d Help members overcome their internal problems

22. Given that a country’s index of export price is 180 and that of import is 200, the terms of trade is?

a. 0.09 b. 2.00 c. 90.00 d 380.00

23. A benefit that is present in all forms of economic integration is that?

a. factors of production are free to move and be moved b. common currency is in use c. common agricultural policy is in place The size of the market is widened

24. Development Planning focuses mainly on?

a. Allocation of resources by the entrepreneurs b. mapping out strategies by the government c. developing some areas of the country by the government d deciding on which types of homes to build

25. The major function of the retailer is to ?

a. grant credit to the wholesaler b. break bulk and sell product c. Unemployment d Inflation

WAEC Economics Theory Past Questions & Answer

Below are some sample theory questions that you can use to practice for the next WAEC examination for school candidates or the WAEC GCE examination.

1.The extract from a country’s balance of payments account is shown below

ItemImport($million)Export($million)
Agricultural Products_200
Mineral Products_300
Consumer Goods250
Capital Goods400
Insurance5025
Banking7520
Transportation8525
Loans15060

Using the table above, calculate the (a). Balance of trade (b). Invisible trade balance (c). balance on current account

2. a. Define distribution of goods (ii). illustrate the normal chain of distribution of goods

b. Describe a consumer’s cooperative society

c. Outline any four roles performed by a consumers’ cooperative society

3. a. Define a joint venture

b. Identify any three merits of a private company over a partnership

c. State any three sources of finances to a public enterprise.

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