2024 WAEC GCE Economics (Essay/Obj) Questions and Answers
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WAEC GCE Economics Questions and Answers 2024: Get Ahead with Repeated Questions and Proven Strategies
In this post, we'll provide you with free examples of repeated economics questions based on objectives and theory, insights into how WAEC Economics questions are structured, and tips on how to effectively answer questions and excel in your 2024 WAEC GCE Economics exam.
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WAEC 2024 Economics Questions and Answers
Category
Description
Overview
The West African Examinations Council (WAEC) administers the Senior Secondary Certificate Examination and the General Certificate in Education in May/June and November/December, respectively.
WAEC Economics Questions and Answers
‣ 2024
WAEC GCE Economics Objectives and Essay Answers
‣ 2024
WAEC Economics Essay and Objective (EXPO)
Tips to Ace the Economics Section of the WAEC
‣ 1
Set a Goal and Work Towards It
‣ 2
Get the Recommended Economics Textbook for NECO Examination 2021
‣ 3
Practice Exercises and Economic Examples While Reading
(i) Mixed economy (ii) Government and people can participate in any sector
4a
Product retailing: sale of physical items, developing a connection with the buyer
4b
(i) Breaking of bulk: wholesaler buys from manufacturer, sells to retailer in smaller quantities (ii) Financing: wholesaler helps manufacturer recover money invested in production (iii) Dissemination of Information: wholesaler knows what end users want and criticisms of products
4c
(i) Lack of standards in packaging: damage or loss of goods in transit (ii) Inadequate transportation facilities: damage to goods due to poor road conditions (iii) Long distribution chain: excessive intermediaries increase price of goods
Question
Answer
5a
Price elasticity of demand: measures how much the quantity demanded responds to a change in price
5b
(i) Elastic demand: a small price change leads to a large quantity change (ii) Inelastic demand: a large price change leads to a small quantity change
5c
[Insert diagram]
8a
(i) Domestic commerce: exchange of products within a country (ii) International trade: exchange of products beyond national borders
8b
(i) Terms of trade: exchange rate of exports to imports (ii) Balance of trade: total value of exports and imports
8c
Choose any four: (i) Low agricultural production (ii) Low technological development (iii) Flaws in export promotion methods (iv) Excessive government expenditure
Note: The above answers are based on the 2021 WAEC Economics examination and may not be applicable to future examinations.
WAEC Economics Answers
Question
Answer
1
B (external economics)
2
C (1)
3
D (constant returns to scale)
1b
I (Increasing profits and dividends), ii (Decreasing returns), iii (Negative returns)
1c
Law of diminishing returns
1d
I (Diagram), ii (Total output = sum of marginal products)
Monetary policy (central bank actions) vs. Fiscal policy (government spending and taxation)
4b
I (Administrative purposes), ii (Defence purposes), iii (Law and order), iv (Redistribution of incomes)
8a
i (Agriculture for profit vs. subsistence), ii (Commercial farming vs. subsistence farming), iii (Large vs. small farms), iv (Commercial farming uses irrigation)
8b
i (Limited land), ii (Food crops), iii (Basic irrigation), iv (Machinery is archaic)
8c
I (Government revenue), ii (New employment), iii (Environmental damage), iv (Health hazards)
3a
Consumer goods (final goods)
3bi
Fixed capital (physical assets)
3bii
Social capital (value of social interactions)
3biii
Circulating capital (operating costs, stock, raw materials)
3c
i (Real interest rate, GDP per capita), ii (Worker compensation, government spending), iii (Tax impact)
6a
Money (medium of exchange, unit of account)
6bi
Value of money (purchasing power)
6bii
Demand for money (desire to hold monetary resources)
6c
i (Cost of item or service), ii (Amount buyers pay), iii (Comparable items or services), iv (Consumer tastes and preferences)
8c
Low level of agricultural production:
Nigeria relies on food imports and exports inputs for agro-allied industries
Low level of technological development:
Nigeria imports advanced technology due to low technological capacity
Flaws in export promotion methods:
Inadequate measures to increase exports and earn foreign exchange
Excessive government expenditure:
Encourages large imports of various goods, depleting foreign exchange reserves
Inadequate social and economic infrastructure:
Poor roads, erratic electricity and water supply, inadequate telecommunications hinder economic development
Existence of industries that rely heavily on imports:
These industries require significant foreign exchange to import machinery and raw materials, depleting Nigeria's foreign exchange reserves
