WAEC Economics Questions and Answers 2023: Check the Answers Here
by Aishwarya R
Updated May 22, 2023
WAEC Economics Exam
The West African Examinations Council (WAEC) conducts examinations in various subjects across West African countries, including Economics. The WAEC Economics exam is designed to assess students' knowledge and understanding of economic concepts, principles, theories, and their application to real-world situations.
The WAEC Economics exam typically consists of both multiple-choice and essay-type questions. The exam assesses students' ability to analyze economic issues, interpret data, and apply economic reasoning to solve problems. It also evaluates their understanding of economic terminology and their ability to communicate economic concepts effectively.
The exam covers a wide range of topics within economics, including microeconomics, macroeconomics, international trade, economic development, and economic policy. Students are expected to demonstrate knowledge of basic economic principles such as supply and demand, market structures, inflation, unemployment, fiscal and monetary policies, and trade theories.
To prepare for the WAEC Economics exam, students are encouraged to study their textbooks and class notes thoroughly. It is essential to understand the fundamental economic concepts and theories and be able to apply them to real-world scenarios. Practicing past exam questions and participating in group study sessions can also be helpful in gaining familiarity with the exam format and improving problem-solving skills.
During the exam, it is important for students to manage their time effectively. They should read the instructions carefully, plan their responses, and allocate appropriate time to each section. For essay questions, it is advisable to outline the key points before writing the full answer to ensure a well-structured and coherent response.
In addition to theoretical knowledge, students should also be aware of current economic events and developments. Keeping up with economic news and understanding how economic theories and principles apply to real-world situations can enhance their ability to provide insightful and relevant answers in the exam.
The WAEC Economics exam provides students with an opportunity to demonstrate their understanding of economics and their ability to analyze economic issues critically. By adequately preparing for the exam and applying their knowledge effectively, students can increase their chances of achieving good results and laying a solid foundation for further studies or future careers in economics or related fields.
WAEC Economics Questions and Answers 2023
The difficulty level of the WAEC Economics exam can vary depending on individual students' preparation, understanding of the subject, and their ability to apply economic concepts to real-world scenarios. Some students may find the exam challenging, while others may perceive it as relatively easier.
Economics, as a subject, can be complex as it involves the understanding of various theories, principles, and their practical applications. The exam typically requires critical thinking, analytical skills, and the ability to analyze and interpret data. Students need to grasp economic concepts, understand the relationships between different economic variables, and apply their knowledge to solve problems and answer questions effectively.
The difficulty of the exam can also depend on the specific questions asked in a particular year. Some questions may require students to think deeply and demonstrate a thorough understanding of economic concepts, while others may be more straightforward and factual. It is important for students to be well-prepared and have a solid understanding of the subject to navigate through the exam successfully.
To tackle the exam, students should focus on studying their textbooks, class notes, and past exam papers. They should familiarize themselves with the different topics covered in the syllabus and develop a strong foundation of economic knowledge. Practicing with past exam questions and seeking clarification on any areas of confusion can also help students in preparing for the exam.
It is worth noting that while the WAEC Economics exam may be challenging, it is designed to assess students' understanding and application of economic principles. With diligent study, proper preparation, and the application of critical thinking skills, students can increase their chances of performing well in the exam.
Are you looking for WAEC Economics Questions and Answers? Get comprehensive and reliable solutions for the WAEC Economics exam. Our collection covers a wide range of topics, including microeconomics, macroeconomics, international trade, and economic policies. Ace your exam with our expertly crafted answers. Access the best resources for exam preparation now!
WAEC Economics Questions and Answers
Here are some WAEC Economics Questions and Answers for your practice:-
1. Which of the following is NOT a factor of production?
A. Land
B. Labor
C. Capital
D. Enterprise
Answer: D
2. What is the law of demand?
A. As the price of a good increase, the demand for the good decreases.
B. As the price of a good increase, the demand for the good increases.
C. As the price of a good decrease, the demand for the good decreases.
D. As the price of a good decrease, the demand for the good increases.
Answer: A
3. What is the difference between a budget deficit and a budget surplus?
A. A budget deficit is when the government spends more money than it collects in taxes, while a budget surplus is when the government collects more money in taxes than it spends.
B. A budget deficit is when the government collects more money in taxes than it spends, while a budget surplus is when the government spends more money than it collects in taxes.
C. A budget deficit is when the government has a negative balance, while a budget surplus is when the government has a positive balance.
D. A budget deficit is when the government has a positive balance, while a budget surplus is when the government has a negative balance.
Answer: A
4. International trade and domestic trade are similar in all aspects except that
A. Transportation by land, water and air is involved
B. Goods are exchanged
C. Services are exchanged
D. The same currency is used as the medium of exchange
E. Specialization and increased consumption is encouraged
Answer: D
5. A condition which adversely affects expansion of production is
A. Effective management
B. Limited size of the market
C. Availability of funds
D. Increased profit prospects
E. Increasing returns to scale
Answer: B
6. The drawer of a cheque is the
A. Person who is to be paid the sum of money as written on the cheque
B. Person who takes the cheque to the bank
C. Bank on which the cheque is drawn
D. Person who writes out the cheque
E. Bank official who certifies the payment
Answer: D
7. Production efficiency entails.
A. decreasing the workforce’s size
B. delivering a particular output with the least expensive combination of production parameters
C. Sitting on your hips and praying for Angels to do the work
D. raising the fixed factor of production’s quantity.
Answer: B
8. In economics, scarcity means
A. Human desires are boundless, yet the economy has limited resources.
B. Resources are infinite
C. the economy is struggling to keep up with demand.
D. There are a finite number of resources.
Answer: D
4. Air is necessary for life, but it comes at no cost! However, while diamonds are not necessary for life, they attract a hefty price! The paradox of _____ is as follows:
A. prudence
B. worth
C. Abundance
D. Scarcity
Answer: D
WAEC Economics Questions and Answers 2023 - FAQs
WAEC Economics Questions and Answers are designed to help students prepare for their Economics exam by providing comprehensive solutions and explanations to commonly asked questions.
WAEC Economics Questions and Answers serve as valuable study materials that enable students to practice and test their understanding of economic concepts, theories, and their application. They provide guidance and insights to enhance exam preparation.
Yes, the WAEC Economics Questions and Answers provided are carefully crafted by experts in the field of economics and are designed to be accurate, up-to-date, and in line with the WAEC exam syllabus. They are reliable resources for exam preparation.
The WAEC Economics Questions and Answers cover a wide range of topics including microeconomics, macroeconomics, international trade, economic policies, and more. They encompass the key concepts and theories necessary for success in the exam.
Accessing the WAEC Economics Questions and Answers is simple. They are available online, through study guides, or educational platforms. Students can easily obtain them to supplement their exam preparation and improve their understanding of economics.