WAEC Economics Questions and Answers 2022/2023 (Essay and Objectives)

WAEC Geography questions and solutions

WAEC Economics Questions and Answers 2022. I might be displaying you Economics goals and idea repeated questions free of charge on this post. You can even recognize how WAEC Economics questions are set and the way to solution them.


The West Africa Examinations Council (WAEC) is an exam frame in Nigeria that conducts the Senior Secondary Certificate Examination and the General Certificate in Education in May/June and November/December respectively.

The questions under are the WAEC beyond questions and solutions to help you for your 2022 WAEC Economics Questions.


1 WAEC Economics Objectives and Essay solutions 2022

2 WAEC Economics Essay (idea)

three WAEC Economics Essay and Objective 2022 (EXPO)

four Tips on How to Pass WAEC Economics Questions

four.zero.1 Have a Target and Work Towards Actualizing it 

four.zero.2  Get the Recommended Textbook on Economics for 2021 NECO Examination

four.zero.three  Do now no longer Skip Economics Examples and Exercise you Will Come Across While Reading: 

WAEC Economics Objectives and Essay solutions 2022

Today’s WAEC Economics solutions loa


2022 WAEC Economics Obj




eleven-20: CBABABAAAB



31-forty: BCDDDBDAAB



Entire labour force = 30+37+19+12.2+sixteen.1+10.eight+15.6+19+10.three = 170million



(i) Primary sector ==> Mining + Fish farming + meals crop manufacturing


% of number one sector = (sixteen.1+10.eight+15.6)/170 ×100%

= 12.five/170 × 100%

= 25%


(ii) Secondary sector ==> Shoe manufacturing + Fish processing + Baking


% of secondary sector = (30+19+19)/170 × 100%

= forty%


(iii) Tertiary (%) = 100% – (forty+25)%

= 35%



Ratio = sixteen.1/30 = 161:300



% Warehousing = 12.2/170 × 100%

= 7.2%



(i) Mixed economy

(ii) Government and people can function withinside the 3 sectors



Product retailing is the system while the dealing are primarily based totally on tangible items and generally a dating with the consumer develops time beyond regulation while the consumer visits the product store often over a duration of time.



(i) Breaking of bulk: The Wholesaler serves as a bulk breaker to the producer to allow the store purchase the products. By shopping for the products from the producer and promoting in a smaller unit to the shops, the Wholesaler is supporting the to make certain that the products is going via the channels of distribution.

(ii) Financing: In the absence of Wholesaler the producer would possibly face economic demanding situations in his enterprise due to the fact he won’t be capable of get lower back the capital invested withinside the manufacturing of the products.

(iii) Information dissemination: Since the Wholesaler is greater toward the shops and the clients, he is aware of what they need and the lawsuits that has been made on the products of the producer.



(i) Packaging troubles: The packaging of products isn’t always standardized. This can also additionally bring about harm or loss in transit.


(ii) Inadequate shipping centers: The terrible shipping machine additionally influences commodity distribution and advertising and marketing withinside the us of a. The roads are so awful that commodities maintain notable harm because of accidents.


(iii) Long chain of distribution: There are too many middlemen. The severa hyperlinks alongside the chain of distribution make the fee of commodities to boom considerably. (5a)

Price elasticity of call for can be described because the diploma of responsiveness of the amount demanded of a commodity to trade withinside the fee of a commodity. In order phrases, it’s far the diploma of responsiveness of amount demanded to a small trade withinside the fee of the commodity.



(i) On elastic call for, Demand is stated to be elastic if small trade in fee results in a extra trade in the amount of products demanded. While On inelastic call for, call for is stated to be in elastic if a bigger trade in fee results in a small or moderate trade in the amount of products demanded.


(ii) On elastic call for , elasticity is extra than one or unitary , i.e E ==>1zero<1






(i) Domestic exchange entails the trade of products withinside the borders of a rustic While External exchange entails the trade of products and offerings throughout countrywide frontiers

(ii) In home exchange ,a not unusualplace language is used While Extern exchange calls for expertise of latest languages and interpretation.


(iii) Buyers and dealers in home exchange use the identical sort of foreign money While In outside exchange,shoppers and dealers use one of a kind currencies .

(iv) In home exchange , the felony machine are the identical While in outside exchange, there are variations in felony structures and culture



Term of exchange is the charge at which us of a’s exports trade for it’s import. It is expressed as a dating among the charges a rustic recieves for it’s exports and the fee it pay for import WHILE Balance of exchange is the entire fee of products bought and acquired through a rustic for the duration of a given duration , generally a year. When seen exports same seen imports in financial terms ,we’ve stability of exchange.



(Pick Any Four)

(i) Low stage of agricultural manufacturing: This makes Nigeria depending on meals imports and exported inputs for her agro-allied industries.


(ii) Low stage of technological improvement: Low stage of technological improvement makes the us of a’s a extra importer of boost technology


(iii) inadequacies in export merchandising techniques: Export merchandising techniques to inspire greater profits for the us of a are grossly inadequate


(iv) Excessive authorities expenditure: This mindset inspire the authorities to interact in large importation of all types of items into the us of a


(v)terrible social and monetary infrastructure: Poor social and monetary infrastructure make a contribution significantly to low potential utilisation withinside the industries phase eg awful roads, abnormal deliver of electricity,water and terrible telecommunication


(vi)Existence of import-based industries: These industries lessen the us of a’s profits a they call for for the scarce forex to allow them you bought machines and uncooked substances from abroad.


The questions under are the WAEC 2021 Economics Practice Questions. Go via them and be equipped to attain excessive for your WAEC 2021 Economics Examination.


1. Developments outdoor a given corporation which lessen the corporation’s fees are referred to as

A. inner economics

B. outside economics

C. outside diseconomies

D. greatest effects


ANSWER: B (outside economics)


2. If at 10K in line with kg, 1000kg of yam had been purchased, the ensuing factor elasticity of call for is

A. zero.33

B. zero.0001

C. 1





three. A scenario wherein all inputs are doubled and output additionally doubles is thought as

A. consistent proportions

B. growing returns to scale

C. consistent returns

D. consistent returns to scale.


ANSWER: D (consistent returns to scale)


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WAEC Economics Essay (idea)

1. The desk under represents a traveller’s intake of bottles of Coca-Cola. Study it cautiously and solution the questions that follow:-



No. of Bottles Total Utility Marginal Utility

1. 15 15

2. 29 F

three. forty two thirteen

four. D 12

five. sixty five G

6. seventy five H

7. E zero

(a) Determine the lacking figures D, E, F, G and H.

(b) Draw the call for curve for the traveller’s intake of Coca-Coca.

(c) Explain the regulation of diminishing marginal application as the premise for the slope of the traveller’s call for curve.


2. (a) Distinguish among monetary sports and an monetary machine.

(b) Explain the subsequent terms:

(i) Production;

(ii) Distribution;

(iii) Consumption.


three. (a) With the resource of a diagram, give an explanation for a minimal fee.

(b) State any 5 measures through which a minimal fee for an agricultural produce may be made effective.


four. (a) Describe the output technique of measuring the gross home made of a rustic.

(b) How is the internet countrywide product at issue price acquired from gross home product?

(c) State troubles related to the output technique.


WAEC Economics Essay and Objective 2022 (EXPO)

The above questions aren’t precisely 2022 WAEC Economics questions and solutions however probable WAEC Economics repeated questions and solutions.


These questions are for practice. The 2021 WAEC Economics expo might be published in this web page half-hour earlier than the WAEC Economics exam starts. Keep checking and fresh this web page for the solutions.


Note: The 2021 WAEC Economics solutions might be published right here for the duration of the WAEC Economics exam. Keep checking and reloading this web page to realize while the solutions are published. Do now no longer overlook to reload this web page so that it will see the solutions.


Be affected person whilst ready in case the solutions come late


(2020 Answers)

X -80=-nine.eight

X= 80-nine.eight










(i) Increasing returns ( stage zero to 2)

(ii) Decreasing reruns ( stage three to stage 6)

(iii) Negative returns (stage 6)



The regulation of diminishing returns states that F growing portions of 1 issue are blended with constant deliver of other’s in manufacturing,a factor is reached from which every more variable issue introduced yields loss and much less addition to the entire output







The overall product at any given stage of labour enter is same to the sum of all of the marginal product as much as that stage

– The MP is 0 on the factor wherein TP is maximum



Capital expenditure is usually expenditure at the advent of constant property and on the purchase of land, homes and intangible property. While Recurrent expenditure refers in particular to expenditure on

operations, wages and salaries, purchases of products and

offerings, and modern-day presents and subsidies.



Monetary coverage refers to authorities sports which can be directed in the direction of influencing the amount of cash and credit score in an economy. While Fiscal coverage entails using authorities spending and sales raising (taxation) to effect some of elements of the economy



(i)General Administrative Purposes The administrative equipment of a rustic can also additionally crumble if there is

no cash to keep it; tax consequently bureaucracy one of the reassets of

such cash.


(ii)Defence Purposes

Taxation contributes a part of the cash utilized in preserving a rustic’s armed forces.


(iii)The Maintenance of Law and Order For inner peace and balance of a rustic to be guaranteed, laws

have to be made and executed, which require cash.


(iv)Redistribution of Incomes To attain this, profits tax is made to be modern in nature.



(i)Commercial farming is in particular practised in evolved nations while subsistence farming in much less evolved or growing nations.


(ii) Commercial farming is cultivated for earnings while subsistence farming is for the intake of the farmer and his/her own circle of relatives.


(iii) Commercial farms are very big whilst that of the subsistence farming are pretty small.


(iv) Commercial farming isn’t always based a good deal on guy energy or animal energy while subsistence farming is based.


(v) In industrial farming, there are right irrigation centers while subsistence farming is commonly based upon the monsoon.



(i) It is generally grown in a chunk of land wherein the land is pretty small withinside the area.

(ii) This sort of farming is generally completed for the meals crop wherein the farming is completed simply to fulfill the requirement of the farmers own circle of relatives and now no longer for the motive of promoting it into the market.


(iii) The machineries that are used for the farming system generally primitive.


(iv) Primitive shape of irrigation or little irrigation is completed for this sort of farming.



-Positive effects-

(i)It serves as supply of sales for the authorities

(ii)It creates activity possibilities for human beings withinside the area.


-Negative effects-

(i)It reasons lack of precious lands


(ii)It reasons environmental pollutants and pose fitness hazards



Consumer items are merchandise sold for intake through the common client. Alternatively referred to as very last items, client items are the quit end result of manufacturing and production and are what a client will see stocked on the shop shelf.



constant capital is conventionally described because the inventory of tangible, long lasting constant property owned or utilized by resident establishments for multiple year.





(iii)automobiles and equipment



Social capital it essentially accommodates the fee of social relationships and networks that supplement the monetary capital for monetary increase of an organization



(i)while a person opens a door for a person

(ii)returns a misplaced object to a stranger

(iii)offers a person instructions or loans



Circulating capital is cash getting used for center operations of a company.



(i)working expenses

(ii)stock in system

(iii)Raw material



(i)The stage of the actual hobby charge and the extent of in line with capita GDP.

(ii)The percentage of exertions remuneration in countrywide profits and Fiscal coverage.


(iii)The distribution of profits and excessive impact of taxation.



Money is an monetary unit that capabilities as a commonly identified medium of trade for transactional functions in an economy. … Money may be: market-determined, formally issued felony gentle or fiat moneys, cash substitutes and fiduciary media, and digital cryptocurrencies.



fee of cash, then, is the amount of products in trendy so as to be exchanged for one unit of cash. The fee of cash is its buying energy, i.e., the amount of products and offerings it is able to purchase.



call for for cash is the favored maintaining of economic property withinside the shape of cash. In othet phrases that is, coins or financial institution deposits in place of investments.



(i)The fee of the best or service.

(ii)The profits of shoppers.

(iii)The charges of associated items or offeringsboth complementary and acquired at the side of a specific object, or substitutes and acquired in place of a product.


(iv)The tastes or options of clients will power call for.


WAEC Economics OBJ loading…


1 C

2 B

three B

four B

five A

6 B

7 C

eight C

nine C

10 B

eleven B

12 D

thirteen A

14 D

15 B

sixteen D

17 C

18 B

19 B

20 B

21 A

22 C

23 C

24 C

25 A

26 D

27 D

28 A

29 C



32 A

33 B

34 C

35 C

36 C

37 B

38 C

39 D

forty B

forty one C

forty two D


forty four C

forty five A

forty six B

forty seven B

forty eight A

forty nine C

50 A


WAEC Economics Questions and Answers 2020 Loading…


Tips on How to Pass WAEC Economics Questions

The following recommendations will assist you to byskip the approaching WAEC Economics exam.


Have a Target and Work Towards Actualizing it 

You have determined to byskip WAEC Economics 2021 and I am certain of that. Now, the following factor you ought to do is ready targets.


You have instructed yourself, “I will rating A in WAEC Economics 2021”, that’s now no longer all. You want to plot on the way to make it happen. Create a timetable and grasp plan to attain your goals.


 Get the Recommended Textbook on Economics for 2021 NECO Examination

Normally, Neco recommends books for the exam. Apart from WAEC Literature wherein positive novels are compulsory, you’re loose to apply any properly Economics textbook to put together for NECO 2020 exam.


Some textbooks are greater tough to recognize. If you’ve got got any subject matter you’re locating tough to recognize, then get a textbook so as to simplify the subjects and make existence higher for you

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