WAEC Economics Past Questions 2024 [Updated]

Checking the WAEC Economics past questions will help you get the idea of the kind of questions WAEC will possibly be setting. This is the reason we have decided to make things very easy for you by giving you the complete Question.

In the post, you are going to see the questions and answers to all the questions WAEC asked in the just concluded 2024 WAEC, This will help you prepare for the next one.

Table of Contents

WAEC Economics Past Questions

1. The study of economics is mainly concerned with how toparagraph

(a) Rank individuals’ wants given the abundant resources
(b) Make choice when resources are inadequate
(c) Satisfy every member of all societies
(d) Produce all the goods needed by everyoneThe correct answer is: (b) Make choice when resources are inadequate

2. Warehousing is an economic activity that falls under

(a) Tertiary production
(b) Intermediate production
(c) Secondary production
(d) Primary production
The correct answer is: (a) Tertiary production

3. Which of the following items is not classified as working capital

(a) Equipment
(b) Fuel
(c) Money to pay wages
(d) Semi-finished goods
The correct answer is: (d) Semi-finished goods

4. An economic system is mainly concerned with

(a) Handling situations of abundant resources
(b) Studying the relationship between ends and means
(c) The establishment of economic laws
(d) The allocation of scarce resources between alternative ends
The correct answer is: (d) The allocation of scarce resources between alternative ends

5. The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5, 7, 6, 8, 9 and 7. What is the median mark?

(a) 7
(b) 7.5
(c) 8
(d) 8.5
The correct answer is: (a) 7

6. The demand for a factor input as a result of the demand for its output is known as

(a) Complementary demand
(b) Competitive demand
(c) Derived demand
(d) Market demand
The correct answer is: (c) Derived demand

7. If the demand for a commodity remains constant as price increases, the commodity is said to be _____

(a) Price elastic
(b) Unit price elastic
(c) Price inelastic
(d) Perfectly price inelastic
The correct answer is: (d) Perfectly price inelastic

8. When more of the tax on a product is borne by the buyer than the seller, the commodity involved has

(a) Elastic demand
(b) Fairly elastic demand
(c) Perfectly elastic demand
(d) Perfectly inelastic demand
The correct answer is: (b) Fairly elastic demand

9. A fall in price of a normal commodity which has elastic demand will result in

(a) A fall in quantity demanded
(b) An increase in revenue
(c) A fall in demand
(d) A decrease in revenue
The correct answer is: (b) An increase in revenue

10. The supply of light could be met using a candle, lantern and gas lamp. This is an example of a

(a) Complementary supply
(b) Joint supply
(c) Composite supply
(d) Abnormal supply
The correct answer is: answer is technical

11. Petrol and kerosene are jointly obtained from crude oil, if the supply of petrol increases, the

(a) Supply of kerosene will fall
(b) Cost of crude oil production has increased
(c) Supply of kerosene will rise
(d) Supply of kerosene will remain unchanged
The correct answer is: (c) Supply of kerosene will rise

12. If the government stops subsidy on cocoa production, the supply curve of cocoa will

(a) Shift to the right
(b) Become vatican
(c) Shift to the left
(d) Remain unchanged
The correct answer is: (c) Shift to the left

13. When the marginal utility from the consumption of commodity X (MUx) is greater than the price of commodity X (Px), a rational consumer should

(a) Consume more of commodity X
(b) Reduce consumption of commodity X
(c) Consume the same quantity of commodity X
(d) Strive to remain in disequilibrium
The correct answer is: (d) Osmoregulation

14. When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will

(a) Remain constant
(b) Decrease
(c) Increase
(d) Turn negative
The correct answer is: (c) Increase

15. The fixing of maximum prices by government is mainly on

(a) Inferior goods
(b) Luxury goods
(c) Imported capital goods
(d) Selected essential goods
The correct answer is: (d) Selected essential goods

16. At what point on the total product curve shown below will marginal product be negative?

(a) P
(b) Q
(c) R
(d) S
The correct answer is: (d) S

17. A small scale firm located within an industrial estate will enjoy

(a) Government protection and funding
(b) Technological economies of scale
(c) External economies of scale
(d) Financial economies of scale
The correct answer is: (c) External economies of scale

18. The total fixed cost curve is

(a) Vertical
(b) Horizontal
(c) Downward sloping
(d) Upward sloping
The correct answer is: (b) Horizontal

19. If a firm retrenches some of its factory workers its

(a) Fixed cost is likely to increase
(b) Marginal cost may increase
(c) Average fixed cost may increase
(d) Variable cost will decline
The correct answer is: (d) Variable cost will decline

20. A monopolist may enjoy abnormal profit only if itsparagraph

(a) Marginal cost exceeds marginal revenue(b) Demand curve is perfectly elastic
(c) Price exceeds average total cost
(d) Expenditure on advertisement increases
The correct answer is: (c) Price exceeds average total cost

21. The average revenue curve of a firm in a perfect market is the same as the

(a) Supply curve of the firm
(b) Demand curve of the firm
(c) Total revenue curve of the firm
(d) Average cost of the firm
The correct answer is: (b) Demand curve of the firm

22. Resources are pooled for the mutual benefit of its members mainly in a

(a) Joint stock company
(b) Partnership
(c) Private company
(d) Cooperative society
The correct answer is: (d) Cooperative society

23. A joint stock company enjoys perpetual existence because

(a) It is formed by a minimum of seven members
(b) It is a corporate entity
(c) Its shares are easily transferable
(d) There is a higher degree of specialization
The correct answer is: (c) Its shares are easily transferable

24. Consumers have access to a variety of goods through the activities of the

(a) Advertising agencies
(b) Wholesalers
(c) Retailers
(d) Mass media
The correct answer is: (c) Retailers

25. The rate of growth of population is

(a) The difference between birth rate and death rate
(b) Birth rate less death rate plus net migration
(c) Initial population plus number of births and net migration
(d) The number of immigrants plus number of births
The correct answer is: (b) Birth rate less death rate plus net migration

26. The malthusian theory of population is best illustrated when

(a) Both population and food supply increase at the same rate
(b) Population increases much faster than food supply
(c) The size of the population and available resources are equal
(d) Food supply increases much faster than populatoin growth
The correct answer is: (b) Population increases much faster than food supply

27. The dependency ratio of a country is the

(a) Total active population who depends on government for survival
(b) Number of children who depends on their parents for survival
(c) The children and aged who rely on the active population for support
(d) People who are cared for by their extended families
The correct answer is: (c) The children and aged who rely on the active population for support

28. When job vacancies are publicized, the government is mainly trying to solve the problem of

(a) Residual unemployment
(b) Frictional unemployment
(c) Technological unemployment
(d) Cyclical unemployment
The correct answer is: (b) Frictional unemployment

29. Many workers are employed in the agricultural sector of developing countries because

(a) They practice mechanized system of farming
(b) Labour intensive method is mostly adopted
(c) Wages in the sector is high
(d) Abnormal profits are made
The correct answer is: (b) Labour intensive method is mostly adopted

30. Industries are sometimes located in areas which are not profitable so as to

(a) Encourage rural-urban migration
(b) Be able to reap internal economics of scale
(c) Be able to even-out development
(d) Bring about external economics of scale
The correct answer is: (c) Be able to even-out development

31. One factor that may not promote industrial development is

(a) Granting old firms tax exceptions
(b) Local firms entering into partnerships with foreign firms
(c) Setting up industrial estates with modern amenities
(d) Granting capital to firms at reasonable interest rates
The correct answer is: (a) Granting old firms tax exception

32. National income is calculated mainly to

(a) Determine how income is to be shared
(b) Help firms generate more funds
(c) Determine the level of sectoral performance
(d) Determine aid to be received from other nations
The correct answer is: (c) Determine the level of sectoral performance

33. To overcome the problem of double counting under the expenditure approach,

(a) Value added method is used
(b) Only spending on final goods are considered
(c) Proper accounting standards must be used
(d) Spending on intermediate goods and inputs are considered
The correct answer is: (b) Only spending on final goods are considered

34. The Net National Product (NNP) of a country is 50m while the depreciation allowance is 10m. The Gross National Product (GNP) is

(a) 30m
(b) 40m
(c) 60m
(d) 500m
The correct answer is: (c) 60m

35. The price level and the value of monkey are

(a) Inversely related
(b) Directly related
(c) Not related
(d) Positively related
The correct answer is: (a) Inversely related

36. Money is able to function more as a medium of exchange when

(a) More people engaged in subsistence production
(b) There is a fall in production
(c) There is specialization of labor
(d) Individuals and nations are self-sufficient
The correct answer is: (c) There is specialization of labour

37. An indication that there is inflation in a country is that

(a) There is decreased in the demand for goods and services
(b) There are too many goods in circulation
(c) The same amount of money buys lower quantity of goods
(d) People prefer to lend than to borrow
The correct answer is: (c) The same amount of money buys lower quantity of goods

38. The most liquid asset among the following is

(a) Shares
(b) Bonds
(c) Cash
(d) Cheque
The correct answer is: (c) Cash

39. Commercial banks help in economic development mainly by

(a) Acting as intermediaries between lenders and borrowers
(b) Giving financial advice to the government
(c) Acting as trustees and executors of wills
(d) Serving as custodians of valuables
The correct answer is: (a) Acting as intermediaries between lenders and borrowers

40. Taxes levied on goods and services by governments are called

(a) Direct taxes
(b) Corporate taxes
(c) Indirect taxes
(d) Poll taxes
The correct answer is: (c) Indirect taxes

Use the diagram below to answer question 41

41. The curve labelled ‘W’ shows the

(a) Proportional tax
(b) Progressive tax
(c) Specific tax
(d) Regressive tax
The correct answer is: (b) Progressive tax

42. An example of government recurrent expenditure is

(a) The cost of building a school
(b) Paying salaries of workers
(c) Purchase of new vehicles
(d) Electrification projects in rural areas
The correct answer is: (b) Paying salaries of workers

43. A country is described as developing if

(a) The population is decreasing
(b) There is low labour supply
(c) The contribution of tertiary sector to national income is high
(d) The income per head is low
The correct answer is: (d) The income per head is low

44. Tariffs, quotas and embargoes are examples of

(a) Foreign exchange policies
(b) Trade restriction policies
(c) Fiscal policies
(d) Monetary policies
The correct answer is: (b) Trade restriction policies

45. Trade protection will assist economic growth in developing countries if it can

(a) Eliminate importation of all commodities
(b) Generate enough revenue through export duty
(c) Effectively safeguard newly established firms
(d) Allow the importation of cheaper goods people want
The correct answer is: (c) Effectively safeguard newly established firms

46. A government may cause a favourable change in her visible trade account by

(a) Increasing the export of her primary products
(b) Imposing high tariff on exports
(c) Developing tourism and other services
(d) Encouraging people to go for medical treatment abroad
The correct answer is: (c) Developing tourism and other services

47. Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M

(a) Can produce only commodity Y cheaper than country N
(b) Is more efficient than country N in producing both commodities X and Y
(c) Is efficient in the production of both commodities X and Y
(d) And country N are efficient in the production of both goods
The correct answer is: (b) Is more efficient than country N in producing both commodities X and Y

48. Which of the following is not a problem facing the Economic Community of West African States (ECOWAS)?

(a) Language barriers
(b) Production of the same commodities
(c) Poor transportation and communication
(d) Inadequate supply of labour
The correct answer is: (d) Inadequate supply of labour

49. Assisting members to solve temporary balance of payments problems is the reason for the establishment of the

(a) World bank
(b) International monetary fund
(c) African development bank
(d) Economic Commission for Africa
The correct answer is: (b) International monetary fund

50. Which of the following is a non-renewable natural resource?

(a) Cocoa
(b) Oil palm
(c) Coal
(d) Rubber

The correct answer is: (c) Coal

Frequently Asked Questions

How many questions are to be answered in WAEC Economics?

You are expected to answer 50 objective questions and some theory questions

What are the most asked questions in economics?

Who should receive the goods and services produced? This is the most asked question in Economics

Conclusion

WAEC Past questions will be a guide to you when reading, combine this with your WAEC syllabus will help you be ready for whatever question you might be asked. Also Keep in mind that if you have any questions, you can reach out to us using the comment section.