WAEC Economics Answers to Questions 2020/2021 Objectives & Essay: Download Correct Answers

WAEC Economics Answers to Questions 2020/2021 Objectives & Essay: For Candidates searching for Official WAEC Economics Questions, You have every opportunity to gather the right information provided here in order to make your exams a huge success. The page equally contains past questions that may be repeated.

WAEC Economics Page. 2020 candidates searching online for WAEC Economics Answers to Questions 2020/2021? We are going to provide all need to help you. WAEC Economics 2020, WAEC 2020 Economics Answers, 2020 WAEC Economics questions and answers, WAEC Economics Runz 2020, WAEC 2020 Economics expo, WAEC 2020 Economics Objectives/Essay Answers is made available here, keep reading

WAEC Economics Answers

WAEC Economics Objectives Questions and answers 2020

The following are Past questions on Economics that may be repeated. Make sure you take note of the answers provided.


1. Economics is a science which studies human behaviors as a relationship between ends and scarce means which have alternative uses. ‘Ends’ her refers to

  • A. resource
  • B. wants
  • C. choice
  • D. output
  • E. factors

ANSWER: B (wants)

NOTE: Human beings are so much concerned about what they Want which may also be called Needs.

2. A review of the occupational distribution of the population from time to time helps us to know the

  • A. rate of which the population grows
  • B. number of people that makes up the labor force
  • C. efficiency of the working population
  • D. industries which are becoming less important
  • E. number of people that are bot employed

ANSWER: B (number of people that makes up the labor force)

NOTE: Labour Force is very essential when it has to do with the Population in a commercial environment.

3. The price of a commodity is determined by the

  • A. supplier
  • B. consumer
  • C. quantity of goods demanded
  • D. quantity of goods supplied
  • E. interaction of demand and supply


4. The equilibrium position of a firm is attained

  • A. when MC = AR
  • B. when MC = PC
  • C. when MC = MR
  • D. when AC = AR
  • E. when AR = MR

ANSWER: C (when MC = MR)

5. in any economic system, which of the following is not an economic problem?

  • A. what goods and services to produce
  • B. for whom to produce goods or services
  • C. what techniques of production to be adopted
  • D. equal distribution of goods and services
  • E. how to ensure that the economy grows over time

ANSWER : D (equal distribution of goods and services)

6. The International Bank of Reconstruction and Development (IBRD) is important to all developing nations due to…

  • A. Gives loans to member s for legal proceedings
  • B. Offer grants and aids for defense
  • C. Enhances financial relationship among countries
  • D. Offer soft loans for educational and health services
  • E. Offer grants and aid to finance private projects

ANSWER: C (Enhances financial relationship among countries)

7. One of the following best explains the Malthusians theory of population?

  • A. Increase in population cause hunger and death
  • B. The population increase faster than the food supply
  • C. The population grows at arithmetic progression while food production grows at geometric progression
  • D. People could be sent to ‘No man’s land’ when the population increases
  • E. People should produce as many children as they could to because passion cannot be controlled

ANSWER: B (The population increase faster than food supply)

8. Which of the following are the most liquid assets to a commercial bank?

  • A. Money at call and short notice
  • B. Treasury Bills
  • C. Commercial Bills
  • D. Stock and Shares
  • E. Cash

ANSWER: E (Cash)

SEE: WAEC TimeTable

WAEC Economics Practice Questions

All Candidates should attempt the following 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 individual tastes.
C. the firm can use labour-saving machinery.
D. the demand for a firm’s products becomes localized.

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
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 standard of living
D. High per capita income

5. Personal savings are generally 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.

WAEC Economics Questions 2020 [Theory and Objective] | Check Economics Random Repeated Questions Here.

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 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

WAEC Economic Essay Questions and Answers 2020

Below is WAEC Economics Questions, kindly read the questions carefully before attempting them to avoid mistakes.

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.

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.

WAEC Economics  Success Guide 2020

To pass WAEC 2020 Economics once and for all is what should bother students that are ready. Are you among this category? Remember to follow the instructions below. WAEC Economics, 2020 is very simple, feel relaxed and tackle it squarely. Also, some candidates fail WAEC, not because they are dull or not brighter, but because they are not well informed. If you wish to do it yourself, key into the following:

Below is WAEC Economics Answers to Questions 2020


It is obvious that until your mindset is positive, your life will not be positive. As you prepare for WAEC 2019, you must develop a positive mindset towards your fate. Don’t say, “WAEC Economics is very hard I don’t know whether I will pass” and don’t believe anyone that says you cannot pass WAEC 2019 Economics on your own.

Have the mentality, “If others passed WAEC 2020 Economics in the past, then I will be like them. Refuse to be identified with failure or those that failed in the past. Even if this year’s WAEC Exam is not your first time, it doesn’t mean that you cannot pass WAEC 2020 Economics this time around. Sit for maths 2019/2020 will a refined mindset. Nothing will make you fail WAEC 2020. Until your mindset is positive, your life will not be positive.


If you are really serious about passing WAEC 2020 Economics, try and avoid bad companies. They will discourage and engage you in activities that will not enhance your success. Remember that their mindset may not correspond to yours.


If you have made up your mind to pass economics 2020, the next thing you should do is set targets. Write down the type of grades you want in WAEC 2020. If you want all As, zero Fs and Zero Es then you should start planning it now. Make sure you create a timetable and master plan to achieve your set goals. Remember, it takes nothing to dream but it takes everything to focus on your dream.


One of your plans should be getting the WAEC 2020 Economics recommended textbooks. Normally, the West African Examination Council recommends books for the examination. But apart from WAEC 2019 literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 2020 Economics exam. Some topics are more difficult to understand. If you have any topic you are finding difficult to understand, then get another textbook that will make things simple for you.


This is a very good plan. Since NECO 2020 and WAEC 2020 are of the same standard, you could use the same past questions to study for both. If you are confused on how to get neco or waec past questions. They are sold in good bookshops around. It is possible that the school where you registered could offer to give you some current past questions that will help you in WAEC 2020 Economics.


Stop wasting your time. Now that you have gotten textbooks and past questions, the next thing is to begin your reading. Early reading and practice is good for you; you will pass well on WAEC 2020 Economics


It is very unfortunate that Secondary school students are fond of skipping exercises and even examples while studying textbooks. They loved note books so much that they could ask, “can I read my Economics notebook and pass WAEC 2020?”. Don’t be scared of attempting exercises; they are there to help you. Face it and overcome it!


This is a good practice. Once in a while, answer full one-year Economics past questions on your own without checking the answers. Then mark to see your score. This will help you in many aspects.


Don’t get discouraged when certain topics are annoying, keep on practicing until you master everything. Never give up and never say never. Keep on keeping on….


Create time for yourself where you play and ease off stresses. Do not overwork yourself; it can make you waste time unnecessarily. One you work more than necessary, you are not gaining anything.


Doing constant practice is a good idea for WAEC 2020 . Don’t just read a topic and forget about it. Revision helps; always go through what you have read over and over again.


Attend classes as a student. Attending regular classes makes it easier for you to do well in WAEC 2019 math. Do not feel too big to learn from teachers no matter how small or dull they may be. You can also attend other classes that may help outside your normal classes.

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If you have found this article helpful, feel free to share it to friends. They may be WAEC candidates as well. I wish you the very best.

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