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WAEC ECONOMICS OBJECTIVE 2024 PAST QUESTION

WAEC ECONOMICS OBJECTIVE 2024 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 2024 Past Questions

1. There is scarcity when ?
    A.   the means exceed society’s wants. 
    B.   demand for resources is greater than its supply. 
    C.   productive resources are in excess. 
    D.   supply of resources is greater than its demand. 

2. Points within a Production Possibilities Curve {PPC) indicate ?
    A.  optimum production levels. 
    B.   attainable but inefficient production levels. 
    C.   unattainable production levels. 
    D.  attainable and efficient production levels. 

3. Which of the following labour is not a feature of labour ?
    A.   It is an active factor 
    B.   It is highly mobile 
    C.  Its reward is wages or salaries 
    D. Its efficiency depends on its size 

4.  The pursuit of private profits is a feature of ?
    A.  command economies. 
    B.  socialist economies. 
    C.  capitalist economies. 
    D.  statutory corporations. 

5.  A major feature of the socialist economic system is ?
    A.   setting of production targets by public authorities. 
    B.   freedom of choice for consumers. 
    C.  determination of price by market forces. 
    D.  private ownership of productive inputs. 

6. If the budget on education is S 50 m out of an annual national budget of $ 300 m. The sector of a pie     chart representing education is ?
    A. 16.6°
    B.  60° 
    C. 150° 
    D. 300°

7. Price elasticity of demand is the responsiveness of quantity demanded to a change in ?
    A.   demand for the product. 
    B.   price of another product. 
    C.   income of the buyer. 
    D.  price of the product. 

8. When total revenue increases as price falls, the coefficient of price elasticity of demand is ?
    A.   greater than one. 
    B.   one. 
    C.   less than one. 
    D.   zero. 

9.  If the quantity demanded of rice decreased from 150 bags to 100 bags, the percentage change in             quantity demanded is ? 
    A.   30.0 %. 
    B.   33.3%. 
    C.   50.0%. 
    D.   66.7%. 

10. The law of demand will not hold when ? 
    A.   normal goods are involved. 
    B.   size of the population changes. 
    C.   rare commodities are involved. 
    D.   incomes of consumers increase. 

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NAME:WAEC ECONOMICS OBJECTIVE 2024
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