WAEC Economics Questions and Answers 2022/2023 OBJECTIVE & ESSAY/THEORY

WAEC Economics marking schemes is likely to change, which is one of the main reasons why you need the live WAEC Economics Questions and Answers 2022 to prepare for your examinations. Despite the fact that we recommend that you use the WAEC Economics past questions 2021, we think that the Biology waec question 2021 will be very different from what you have seen in previous years. And no one has any way of knowing what will happen. On this website, we will supply you with the original live WAEC Economics Questions and Answers, so you will not have to worry.

You might be one of the 2022 WAEC aspirants who is looking forward to get the appropriate WAEC Economics Questions and Answers 2022 expo runs solutions so that you can pass the 2022 WAEC Economics exams and come out with flying colors. If this is all what you have been waiting for, you have arrived here on time.

Don’t forget, the most recent information and make use of the WAEC Economics Questions and Answers exam solutions for 2022 that will be provided to you on this website.

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WAEC Economics OBJ Answers Sample Questions 2021 – WAEC Economics Questions and Answers (Expo) 2022

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

READ MORE  WAEC Marketing Questions and Answers 2022/2023 [OBJ & Theory] Expo

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

  • Download WAEC Syllabus for economics

Other WAEC Economics OBJ Questions and Answers:

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 Theory Questions and Answers Sample Questions 2022

WAEC Economic Essay (theory)

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 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

(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.

WAEC Economics Essay and Objective 2022 (EXPO)

The above questions are not exactly 2022 WAEC Economics questions and answers but likely WAEC Economics repeated questions and answers.

These questions are just for practice. The 2021 WAEC Economics expo will be posted on this page 30 minutes before the WAEC Economics examination starts. Keep checking and refreshing this page for the answers.

Note: The 2021 WAEC Economics answers will be posted here during the WAEC Economics examination. Keep checking and reloading this page to know when the answers are posted. Do not forget to reload this page in order to see the answers.

Most importantly, be patient while waiting in case the answer comes late.

Today’s Economics Answers

(1a) (2020 Answers)
X -80=-9.8
X= 80-9.8
X=70.2

80-70=Y
Y=10

Z=50/2
Z=25

(1b)
(i) Increasing returns ( level 0 to 2)
(ii) Decreasing reruns ( level 3 to level 6)
(iii) Negative returns (level 6)

(1c)
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

(1d)
(i)
Diagram
(ii)

  • 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

(4ai)
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.

(4aii)
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

(4b)
(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.

(8a)
(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.

(8b)
(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.

(8c)
-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

(3a)
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.

(3bi)
fixed capital is conventionally defined as the stock of tangible, durable fixed assets owned or used by resident enterprises for more than one year.

-Example-
(i)plant
(ii)machinery
(iii)vehicles and equipment

(3bii)
Social capital it basically comprises the value of social relationships and networks that complement the economic capital for economic growth of an organization

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

(3biii)
Circulating capital is money being used for core operations of a company.

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

(3c)
(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.

(6a)
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.

(6bi)
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.

(6bii)
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.

(6c)
(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.

WAEC Economics OBJ loading…

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
30A
31B
32 A
33 B
34 C
35 C
36 C
37 B
38 C
39 D
40 B
41 C
42 D
43C
44 C
45 A
46 B
47 B
48 A
49 C
50 A

WAEC Economics Questions and Answers 2022 expo Loading…

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How to Pass WAEC Economics Exams 2022 | WAEC Economics Expo 2022

1.     Put Reading First.

People who claim that they must stop reading because they have completed their education are completely wrong. It’s a completely erroneous belief or perception to think that once you have completed your education it’s all over. Learning never stops you know; anyone who stops reading or learning will be living with old information and will move around with it. We live in a world that is constantly changing, and in order to be a very successful human being in today’s society, you must keep up with the latest information.

In reality, relying on a single author for ideas or information is not a proper way of getting updated information. To amass enough information, read as many books as possible.

We implore all applicants who are about to take the WAEC Economics exams 2022 to continue reading books relating to their field of interest on a regular basis.

2.     Obtain the Appropriate Preparatory Materials

Exam preparation should not be limited to reading books. The question you should ask yourself is, “What kind of book am I reading, and how will it help me pass the WAEC Economics exams?” Here is what you should consider as appropriate prepared material: textbooks, dictionaries, waec Past Questions and Answers and so on.

3.     Attend Extra-Classes.

Attending extra moral classes can be a source of pride for some people. Some people believe they are too big and are unconcerned about it. This is a completely incorrect viewpoint, and you must change it. Extra classes will help you grow, extend, and broaden your intellectual capacity, making it easier for you to understand things.

Extra moral classes, organized by educational tutors, can be observed all over. This type of class can be held after school in the evenings, during the holidays, or after the school day has ended for the term or session.

You will never be sorry if you attend one.

4.     Set Out Time for Rest

Many people who are studying for impending examinations are unaware of the importance of rest and sleep. It’s a once-in-a-lifetime opportunity. When you take time to rest or sleep, your brain relaxes and your mind calms. Everything is new and your strength has been renewed by the time you wake up. If you force yourself to read when you are sleepy or exhausted, you will not be able to perform better; you will fall asleep quickly, and by the time you wake up, everything you read will have vanished.

This is something that all UTME candidates should be aware of because it is really significant.

5.     Maintain a Healthy Way of Life

One of the things that will motivate you as a person is to eat properly and live a healthy lifestyle. You can easily get sick if you don’t eat well and healthily, such as consuming meals that aren’t truly clean, low-quality foods, and you don’t build up your cells to be immune to sickness.

During the process of studying for tests, many students or candidates become weary, dizzy, and even sick. To avoid this, as soon as you notice a symptom of disease, make an appointment with a doctor, your parents, or the people you live with for additional medical attention.

6.     Chatting on social media should be limited.

It is not a proper thing to spend 80% of your time on social media sites such as Facebook, Twitter, Instagram, and others, and just 20% of your time on your academics. You’ll never be able to create it that way. At the very least, make it 80/20. 80 percent of your time should be spent studying and researching in preparation for your upcoming waec exams.

You may always go back to those things after you have finished your waec exams. FOCUS is the key word here.

This is the extent of our discussion at this time. We will provide more information as soon as we lay our hands on it. If you found this post useful, please share it with others.

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