Expo: WAEC Economics Questions and Answers 2022/2023 – theory / Objective

Free WAEC Economics Correct Questions and Answers for 2022 WASSCE Examination including the past and likely questions.

WASSCE questions and answers for 2022/2023 are here. Are you a WAEC candidate? I’m very sure it’s a ‘yes‘. If so, your in the right place. This post will show you the WAEC verified Economics answers and the tricks you need to write and excel in your WAEC exam. So, stay on the site and Excel.

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WAEC questions are set and compiled by the West African Senior School Certificate Examination Board (WASSCE). Make sure you follow the instructions below as provided by WAEC.

2022/2023 WAEC Economics Essay and Objective


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This post contains both the Economics Objectives and the Theory.

2022 WAEC Economics Theory Questions – Expo

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Entire labour force = 30+37+19+12.2+16.1+10.8+15.6+19+10.3 = 170million

(i) Primary sector ==> Mining + Fish farming + food crop production

% of primary sector = (16.1+10.8+15.6)/170 ×100%
= 12.5/170 × 100%
= 25%

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

% of primary sector = (30+19+19)/170 × 100%
= 40%

(iii) Tertiary (%) = 100% – (40+25)%
= 35%

Ratio = 16.1/30 = 161:300

% Warehousing = 12.2/170 × 100%
= 7.2%

(i) Mixed economy
(ii) Government and individuals can feature in the three sectors

Economies of scale can be definwd as the growth of a firm as a result of the expansion of the volume of productive capacity resulting in the increase in output and a decrease in its cost og production per uno of output

(Pick Any 3)
(i) Purchasing Economies of Scale.
(ii) Managerial Economies of Scale.
(iii) Financial Economies of Scale.
(iv) Diversifying Economies of Scale

(4a) Product retailing is when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product retailer frequently over a period of time.

4a. Product retailing is when the dealing are based on tangible goods and usually a relationship with the buyer develops overtime when the buyer visits the product


i) Breaking of bulk: The Wholesaler serves as a bulk breaker to the manufacturer to enable the retailer buy the goods. By buying the goods from the manufacturer and selling in a smaller unit to the retailers, the Wholesaler is helping the to make sure that the goods goes through the channels of distribution.

ii) Financing: In the absence of Wholesaler the manufacturer might face financial challenges in his business because he won’t be able to get back the capital invested in the production of the goods. This is another reason why the Wholesaler is indespensibel in the channel of distribution.

iii) Information dissemination: Since the Wholesaler is more closer to the retailers and the consumers, he knows what they want and the complaints that has been made on the goods of the manufacturer.

iv) Warehousing: Another function of the Wholesaler is that he serves as a warehouse for the manufacturer. The wholesaler provides warehousing facilities to get rid of stock – biling at the production point. Goods are stored here until they are bought, hence it spurs the Manufacturer to keep on producing.

v) Price stability: They help to prevent price fluctuation by stocking the goods until they are demanded.

Internal trade is the trade that is conducted between parties within the political and geographical boundaries of a nation WHILE External trade is the trade that is conducted between two parties that are outside the nation’s borders or between two countries.

The terms of trade is the relative price of imports to exports WHILE the trade balance is the ratio of net exports to output.


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Economics past questions below

1.The table below represents a traveler’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-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.

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2022 WACE Economics Answers

(1a) (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.

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(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.

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Today’s Economics Objectives Answers – Expo






DISCLAIMER: The questions and answers above are not the correct WAEC questions and answers for this year. Instead, they are WAEC Economics past and likely questions and answers which are meant for practice.

WAEC Economics Possible 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

Inflationary is the correct answer.

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

Stock exchanges is the correct answer.

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

Increasing the supply of commodities is the correct answer

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

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

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

Price and Value is the correct answer

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

Inferior goods is the correct answer

Repeated Past Questions and Answers For Economics

To add value to this, I have also made some research to figure out the most repeated Economics Past Questions and Answers for WAEC 2021. So use them for study and reference purposes only.

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.

How to Pass Waec Economics Examination Easily

To pass your WAEC successfully there are major things you have to do and they include the items below:

Solve Economics mathematical problems everyday

Economics has some mathematical problems attached to it and that is where most students find it difficult. The only way out is steady practice. Ensure you solve at least one mathematical problem each day in Economics order to get well acquainted with it.

However, you may not have all it takes to solve those mathematical problems as frequently as that. Ensure you solve at least twice or thrice a week. Each time you want to solve, give it at least 1 hour 30 minutes and you will see yourself doing well.

 Start reading early

Early reading is one the  basic factors of passing your WAEC exam. When you start reading early it’s always easier and simple.

Don’t wait for the examination period before you start reading. Start preparing on time to avoid preparing under pressure.

Download WAEC syllabus for Economics

Syllabus gives you the area of concentration in reading for your exam. In the same manner, WAEC syllabus helps you to know the area of concentration or topics which you should read. It also contains WAEC recommended textbooks and authors.

Download and Read WAEC Economics past questions and answers

Past questions and answers are of great help and it is something every examination candidate should not do without. Sometimes, questions are repeated or similar questions appear in your examination. The past question will enable you to have a clue of how to examination looks like.

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