WAEC Economics Questions and Answers 2021/2022 Objectives and Essay. Candidates searching online for Economics Expo or Answers for WAEC should make effective use of the Likely WAEC Economics 2021 Questions and Answers and randomly repeated Exams questions.
All Candidates searching for Official WAEC Economics Questions, have all the opportunities to gather the right information provided here in order to make a good grade in the ongoing Economics Exam. All the verified WAEC Economics updates are given here.
The West African Examination Council, WAEC Has provided all the necessary material to foster the welfare of the examination. The schedule for the Economics Exams is given at the WAEC TimeTable
WAEC Economics Objectives Questions and answers 2021
The following are Past questions on Economics that may be repeated. Make sure you take note of the answers provided.
SECTION A (OBJECTIVE)
1. Economics is a science that 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)
Practice WAEC Economics Past 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
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
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.
D. cheaper foreign currencies.
WAEC Economic 2021 Essay Questions and Answers
Below is WAEC Economics Questions, kindly read the questions carefully before attempting them to avoid mistakes.
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|
(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:
3. (a) With the aid of a diagram, explain a minimum price.
(b) State any five measures by which a minimum price for agricultural produce can be made effective.
4. (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.
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Where to get WAEC Economics Expo 2021
To pass WAEC 2021 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, 2021 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:
1. MAKE GOOD FRIENDS
You need to make good friends if you are very certain and want to make it in the ongoing WAEC 2021 Economics, try and avoid bad companies. They will discourage and involve you in so many things that will not enhance your success. Remember that their mindset may be like yours.
3. MAKING PLANS FOR YOUR SUCCESS
You have made up your mind to pass economics? the next step is to set targets. Write down the type of grades you want in WAEC. If you want all As, zero Fs, and Zero Es then you should start planning it now. Try and 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.
4. GET YOURSELF ALL THE RECOMMENDED BOOKS
One of your plans should be getting the WAEC Economics recommended textbooks. Normally, the West African Examination Council recommends books for the examination.
But apart from literature in English where certain novels are compulsory, you are free to use any good textbook to prepare for WAEC 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.
5. BUY PAST QUESTIONS
This is a nice idea. Since NECO and WAEC 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 Economics.
6. START PREPARING FOR WAEC EARLY:
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 Economics
7. AVOID SKIPPING EXAMPLES AND EXERCISES:
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!
8. TEST YOURSELF ON ECONOMICS:
This is a good practice. Once in awhile, 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.
9. ALWAYS PRACTICE RELEVANT QUESTIONS
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….
10. RECREATION IS VERY IMPORTANT FOR YOU
Play and ease off stresses, all work without play makes jack a dull boy. Do not overwork yourself; it can make you waste time unnecessarily. One you work more than necessary, you are not gaining anything.
11. ALWAYS DO REVISION:
Doing constant practice is a good idea for WAEC. Don’t just read a topic and forget about it. Revision helps; always go through what you have read over and over again.
12. MAKE SURE PARTICIPATE IN WAEC CLASSES:
Attend classes as a student. Attending regular classes makes it easier to have more ideas on relevant questions. Do not be so proud and avoid learning 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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