waec questions and answers

WAEC Economics Questions And Answers 2023 | Theories And Objectives

You are welcome to this website as reveal to all the WAEC Economics Questions and Answers for 2023. The information that I want to give you in this article is an Expo to your examination.

If you know that you will be writing economics for the May/June WAEC examination, make sure that you do not leave this page without getting all the secrets that I reveal to you about the WAEC Economics Questions and Answers for 2023.

In this article, I will be showing you the exact questions for the 2023 WAEC Economics examination and their possible answers. If you would like to excellent result in this examination, make sure that you read this article to the end

See: Updated May/June WAEC Timetable for the 2023

Key Points on WAEC Economics Questions and Answers

As a student of economics, you have to get mastered with the points the following diagrams:

classifications of market structure
Classifications of market structure
output and profit determination
Output and profit determination of a perfect competitive firm in the short run
long-run equilibrium of perfect competitive firm
Long-run equilibrium of perfect competitive market
market equilibrium
price and out determination of a monopolist in the short-run
Price and output determination of a monopolist in the short-run

WAEC Economics Questions and Answers 2023 (Theories and Objectives)

waec economics no.1
WAEC Economics solved 1
waec economics no.1 contd
WAEC Economics solved 1 contd
waec economics no.2
WAEC Economics solve 2

Here I am going to reveal to you Expos about the 2023 WAEC Economics questions and answers.

1. A situation where the government increases the supply of money so as to meet with the country’s expenditure is known as___

  1. Circulation
  2. Supply
  3. Deflationary
  4. Exchange rate
  5. Inflationary

2. Which of the following performs the function of buying and selling of shares?

  1. Share companies
  2. insurance companies
  3. Public Limited companies
  4. stock exchanges
  5. Entrepreneurs

3. Which of the following policies can be used to easily solve an inflation problem:

  1. Increase the supply of currency
  2. Increasing the supply of commodities
  3. Reducing the salaries of workers
  4. Printing enough money
  5. Stop foreign exchange

4. A fall in price occurs when the ____?

  1. Quality of product falls
  2. Cost of production reduces
  3. Quantity of a product increases above the quantity of demand.
  4. Value of the product is diminishes
  5. Demand for a product increases

5. Inflation occurs when ___ rises and ___ drops

  1. Price and Value
  2. Dollar and Naira
  3. Production and Purchase
  4. Economic and Supply
  5. Needs and Capital

6. Goods whose demand falls as income increase are known as__?

  1. Fall in price
  2. Short-term goods
  3. Inferior goods
  4. Fluctuation goods
  5. Imitation goods

See also: 2023 WAEC Biology Practical Specimen, Questions and Answers

WAEC Economics Objective Answers 2023

The following are the complete answers for WAEC Economics Objective questions:

1. E. Inflationary is the correct answer.

2. D. Stock exchanges is the correct answer.

3. B. Increasing the supply of commodities is the correct answer

4. C. Quantity of a product increases above the quantity of demand is the correct answer.

5. A. Price and Value is the correct answer

6. C. Inferior goods is the correct answer

More answers are coming… keep reading!!!

Related Links

WAEC French Questions And Answers 2023 | Theories And Objectives

WAEC Mathematics Questions And Answers 2023 | Theory And Objectives

WAEC Physics Practical For 2023 | Specimens/Apparatus, Questions And Answers

WAEC Chemistry Questions And Answers For 2023 | Objectives And Theories

WAEC Economics Theory 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 BottlesTotal UtilityMarginal Utility

(a) Determine the missing figures D, E, F, G and H.
(b) Draw the demand curve for the traveller’s consumption of Coca-Coca.
(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 an agricultural produce 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 obtained from gross domestic product?
(c) State two problems associated with the output method.

See also: JAMB Cut Off Mark for All Institutions 2023

WAEC Economics Essay and Objective 2023 (EXPO)

The answers provided in this section may not be exactly what you are going to see in the 2023 WAEC Economics Examination. It is for likely questions that you may see. Meanwhile all candidates who are sitting for this examination are expected to read this questions and answers for the sake of their preparations.

 (2020 Answers)
X -80=-9.8
X= 80-9.8



(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)

The law of diminishing returns states that F increasing quantities of one factor are combined with fixed supply of other’s in production, a point is reached from which each extra variable factor added yields loss and less addition to the total output


  • The total product at any given level of labour input is equal to the sum of all the marginal product up to that level

– The MP is zero at the point where TP is maximum

Capital expenditure is primarily expenditure on the creation of fixed assets and on the acquisition of land, buildings and intangible assets. While Recurrent expenditure refers mainly to expenditure on
operations, wages and salaries, purchases of goods and
services, and current grants and subsidies.

Monetary policy refers to government activities that are directed toward influencing the quantity of money and credit in an economy. While Fiscal policy involves the use of government spending and revenue raising (taxation) to impact a number of aspects of the economy

(i)General Administrative Purposes The administrative machinery of a country may collapse if there is
no money to maintain it; tax therefore forms one of the sources of
such money.

(ii)Defence Purposes
Taxation contributes part of the money used in maintaining a country’s armed forces.

(iii)The Maintenance of Law and Order For internal peace and stability of a country to be guaranteed, laws
must be made and executed, which require money.

(iv)Redistribution of Incomes To achieve this, income tax is made to be progressive in nature.

(i)Commercial farming is mainly practised in developed countries whereas subsistence farming in less developed or developing countries.

(ii) Commercial farming is cultivated for profits whereas subsistence farming is for the consumption of the farmer and his/her family.

(iii) Commercial farms are very large while that of the subsistence farming are quite small.

(iv) Commercial farming is not dependent much on man power or animal power whereas subsistence farming is dependent.

(v) In commercial farming, there are proper irrigation facilities whereas subsistence farming is generally dependent upon the monsoon.

(i) It is usually grown in a piece of land where the land is quite small in the area.
(ii) This type of farming is usually done for the food crop where the farming is done just to satisfy the requirement of the farmers family and not for the purpose of selling it into the market.

(iii) The machineries which are used for the farming process usually primitive.

(iv) Primitive form of irrigation or little irrigation is done for this type of farming.

-Positive effects-
(i)It serves as source of revenue for the government
(ii)It creates job opportunities for people in the area.

-Negative effects-
(i)It causes loss of valuable lands

(ii)It causes environmental pollution and pose health hazards

Consumer goods are products bought for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see stocked on the store shelf.

fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

(iii)vehicles and equipment

Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization

(i)when someone opens a door for someone
(ii)returns a lost item to a stranger
(iii)gives someone directions or loans

Circulating capital is money being used for core operations of a company.

(i)operating expenses
(ii)inventory in process
(iii)Raw material

(i)The level of the real interest rate and the level of per capita GDP.
(ii)The proportion of labor remuneration in national income and Fiscal policy.

(iii)The distribution of income and high effect of taxation.

Money is an economic unit that functions as a generally recognized medium of exchange for transactional purposes in an economy. … Money can be: market-determined, officially issued legal tender or fiat moneys, money substitutes and fiduciary media, and electronic cryptocurrencies.

value of money, then, is the quantity of goods in general that will be exchanged for one unit of money. The value of money is its purchasing power, i.e., the quantity of goods and services it can purchase.

demand for money is the desired holding of financial assets in the form of money. In othet words that is, cash or bank deposits rather than investments.

(i)The price of the good or service.
(ii)The income of buyers.
(iii)The prices of related goods or services—either complementary and purchased along with a particular item, or substitutes and bought instead of a product.

(iv)The tastes or preferences of consumers will drive demand.

solved example

WAEC Economics Objective Answers for Today

All the objective answers given below are for the questions that you are going to see in WAEC Economic Objective Questions for 2023.

1. C 2. B 3. B 4. B 5. A 6. B 7. C 8. C 9. C 10. B
11. B 12. D 13. A 14. D 15. B 16. 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 30. A
31. B 32. A 33. B 34. C 35. C 36. C 37. B 38. C 39. D 40. B
41. C 42. D 43. C 44. C 45. A 46. B 47. B 48. A 49. C 50. A

See also: How to Check Your WAEC Result Online

WAEC Economics Objective Questions for 2022

You can also compare the 2022 WAEC Economics Objective Questions. This is because, most times questions some questions might be still repeated. The following are some of the WAEC Economics Objective questions for 2022.

1. The effect of a growing population include the following, except?

  1. Unnecessary Rise in demand
  2. Increased rate of Unemployment
  3. Sudden Fall in the standard of living
  4. High level of “per capita income”

2. Which of this is a cause of low personal savings in West Africa?

  1. The low income of the people.
  2. Commercial Banks refusal to give loans.
  3. Overpopulation.
  4. cheaper foreign currencies.

3. The benefit of the petroleum industry including the following, except?

  1. Increment in the foreign exchange rate
  2. Establishment of more companies, refineries & industries
  3. Provision of Employment to a greater proportion of the population
  4. Advancement and Development of social infrastructure

4. Which of this method could be used to resolve disputes between employees effectively?

  1. co-operation.
  2. collective bargaining.
  3. display of placards.
  4. legal action.

5. Which of these definitions well describes the term “Peasant agriculture” in West Africa?

  1. specialization in the production of one crop.
  2. It involves the use of small farm holdings.
  3. Peasant agriculture is a capital-intensive system of farming.
  4. It’s mostly associated with tree crops.

6. Which of the following is an advantage of large scale production?

  1. there is a rise in the cost of administration.
  2. consumers sacrifice their individual tastes.
  3. the firm can use labor-saving machinery.
  4. the demand for a firm’s products becomes localized.

WAEC Economics Objective Answers for 2022

More Answers Loading…%

Keep refreshing this page for more answers to economics objective questions for 2022.

Remember that the correct 2022 WAEC Economic Questions and Answers shall be posted on this page on the early hour of the examination day. You should keep checking here always.

See Ongoing Scholarships:

Federal Government Scholarship for BEA

USTC Scholarship China 2022 | Fully Funded

MTN Science And Technology Scholarship Awards

University Of Alberta International Scholarship Award

Special Guides on WAEC Economics Questions and Answers for 2023

economic guide 1
economics guide 2
economics guide 3
economics guide 4

The information given above is all that you need to be successful in the 2023 WAEC Economics Examination. I trust that the article is helpful.

For more information about WAEC Economics Questions and Answers 2023, kindly make use of the comment section below this article.

You are permitted to share this article to others using any of the available social media platforms.

Share on

Related Posts

One thought on “WAEC Economics Questions And Answers 2023 | Theories And Objectives

Leave a Reply

Your email address will not be published. Required fields are marked *