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WAEC ECONOMICS OBJECTIVE 2023 PAST QUESTION

WAEC ECONOMICS OBJECTIVE 2023 PAST QUESTION


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Table of Content

About WAEC

Full meaning of WAEC

W - West
A - Africa
E - Examination
C - Council

What is WAEC

The West African Examinations Council (WAEC) is an organization established by legislation to determine whether examinations are required for the public welfare in the English-speaking countries of West Africa., to administer the exams, and to issue certificates that are on par with those issued by comparable examining authorities internationally. The West African Examinations Council was founded in 1952, and its mission is to be a premier examination organization that advances the educational objectives of all its stakeholders.

For more info, you can visit: WAEC official website

How to check WAEC Result

To check your WAEC result, check the easy steps given in this post where we explained in detail step by step how you can check your WAEC result online. Click here to check easy steps to check WAEC result online

About ECONOMICS

Economics is the science that studies human behavior as a relationship between ends and scarce means which have alternative uses. The above definition was defined by Lionel C. Robbins.

This is an acceptable definition by everyone but there are other definitions by great economists.

Some of the world's great economists are Lionel C. Robbins, Adam Smith (Father of Economics), Alfred Marshall, Milton Friedman, Friedrich Hayek, John Maynard Keynes, David Ricardo, Paul Samuelson, Arthur Cecil Pigou, and William Stanley Jevons.

Important Topics In ECONOMICS

So here are the important topics in the Economics needed to pass WAEC:

  • Definition and Scope of Economics
  • Theory of Production
  • Factors of Production
  • Demand
  • Supply
  • Money
  • Major Natural Resources
  • Public Finance
  • Theory of cost and Revenue
  • Business Organization
  • Population
  • Population Census
  • Financial Institutions
  • Theory of Price Determination
  • Industrialization
  • National Income
  • Theory Consumer Behavior.

Importance of Past Questions

Past questions are important in your studies to help you have an insight of how the exam looks like and how to face questions related to different topics covered in the subject examination to be taken

Excerpts From WAEC ECONOMICS OBJECTIVE 2023 Past Questions


1. The study of economics is mainly concerned with how to ?
    A. rank individuals’ wants given the abundant resources. 
    B. make choice when resources arc inadequate.
    C. satisfy every member of all societies. 
    D. produce all the goods needed by everyone. 

2. Warehousing is an economic activity that falls under ?
    A.   tertiary production. 
    B.   intermediate production. 
    C.   secondary production. 
    D. primary' 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
 
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. 

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 

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. 

7. If the demand for a commodity remains constant as price increases, the commodity is said to be ? 
    A.  price elastic. 
    B.  unit price clastic. 
    C.  price inelastic. 
    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. clastic demand. 
    B. fairly inelastic demand. 
    C. perfectly clastic demand. 
    D. perfectly inelastic demand. 

9. A fall in the price of a normal commodity which has clastic 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. 

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. 
 

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NAME:WAEC ECONOMICS OBJECTIVE 2023
YEAR: 2023
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