2023 GCE Economics Objective and Theory Answers – Free GCE Answers

Waec GCE Economics Exam Questions
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Waec GCE Economics Exam Questions and Answers for free to all GCE candidates in Nigeria. On this page, all the GCE Economics questions and answers for 2023 and the most common questions and answers are released here.

WAEC GCE Candidates that applied for the SSCE Examination will write their Economics For both Science and Art students. All detail you need for you to be successful and pass this 2023 Waec GCE Exam will also be given and make sure you read all through.

2023 WAEC GCE Economics Exam Questions Papers

2023 GCE Economics Exam Papers Are

  • WAEC GCE Economics Essay Questions
  • WAEC GCE Economics Objectives Questions,

You are writing the 2 papers in only one day. In this post, the previous Year’s Waec questions and answers for Economics are released and the 2023 Waec GCE Economics Exam Questions will also be released for those participating in the 2023 Waec examination.

2023 Economics Questions and Answers Objective (paper 1)

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OBJ Answers






What is the primary goal of a central bank?
A) Maximizing employment
B) Price stability
C) Income equality
D) Fiscal responsibility

Which of the following is considered a leading economic indicator?
A) Unemployment rate
B) GDP growth rate
C) Consumer price index (CPI)
D) Stock market performance

Which economic system is characterized by private ownership of the means of production and market-driven allocation of resources?
A) Socialism
B) Capitalism
C) Communism
D) Mixed economy

When the demand for a good increases while its supply remains constant, what is likely to happen to its price?
A) It will decrease
B) It will remain the same
C) It will increase
D) It will fluctuate randomly

What does GDP stand for?
A) Gross Domestic Profit
B) General Domestic Product
C) Gross Domestic Product
D) Gross Domestic Price

Inflation is best described as:
A) A decrease in the general price level
B) A sustained increase in the general price level
C) A decrease in the quantity of money in circulation
D) A decrease in consumer spending

Which of the following is a fiscal policy tool that can be used to combat a recession?
A) Increasing taxes
B) Reducing government spending
C) Lowering interest rates
D) Increasing government spending

The Phillips Curve illustrates a trade-off between which two economic variables?
A) Inflation and unemployment
B) GDP and inflation
C) Interest rates and exchange rates
D) Government

What is the term for the total value of all goods and services produced within a country’s borders in a given time period?
A) Gross National Product (GNP)
B) Gross Domestic Product (GDP)
C) Net Exports (NX)
D) National Income (NI)

Which of the following is an example of a regressive tax?
A) Income tax
B) Property tax
C) Sales tax
D) Corporate tax

What is the name for a market structure characterized by a large number of sellers producing differentiated products and easy entry and exit for firms?
A) Perfect competition
B) Monopoly
C) Oligopoly
D) Monopolistic competition

Which of the following is a key determinant of supply in the market?
A) Consumer preferences
B) Government regulations
C) Number of sellers
D) Consumer income

The interest rate at which a central bank lends money to commercial banks is known as:
A) Prime rate
B) Mortgage rate
C) Discount rate
D) LIBOR rate

What does the term “elasticity of demand” measure?
A) The responsiveness of quantity demanded to changes in price
B) The total demand in the market
C) The change in supply due to changes in demand
D) The income effect on consumer behavior

Which of the following is a tool of monetary policy used by central banks to control the money supply?
A) Fiscal policy
B) Open market operations
C) Tariffs
D) Subsidies

When a country has a trade deficit, it means that:
A) Exports are greater than imports
B) Exports are less than imports
C) Exports and imports are equal
D) There is no international trade

What is the term for the cost of borrowing money, often expressed as a percentage of the loan amount?
A) Interest rate
B) Inflation rate
C) Tax rate
D) Exchange rate

Which of the following is a characteristic of a recession?
A) Rising employment
B) Falling GDP
C) Low inflation
D) Increasing consumer spending

2023 Waec GCE Economics Questions and Answers THEORY (paper 2)

The 2023 Waec GCE Economics Theory questions and answers are loading!  2023 Economics Essay answers Loading!! 2023 GCE Economics Theory Answers Loading!!! Kindly bookmark the website for the answers that will be released. or better still reload the site to check if the answers for the 2023 Waec GCE Economics questions and answers have dropped.

1. The quantity demanded for a product decreases from 200 units to 150 units when the price increases from $5 to $7. Calculate the price elasticity of demand.

b). A company produces 1,000 units of a product. The total fixed costs are $5,000, and the variable cost per unit is $3. Calculate the total cost, average total cost, and marginal cost at this level of production.

2. In an economy, the aggregate demand (AD) is given by AD = 2,000 – 100P, and the aggregate supply (AS) is given by AS = 500P, where P represents the price level. Calculate the equilibrium price level and the equilibrium level of real GDP.

b)  A consumer has a  function U(x, y) = 3x + 4y, where x represents the quantity of good X consumed and y represents the quantity of good Y consumed. If the consumer has a budget of $100 and the price of good X is $10 and the price of good Y is $15, determine the optimal quantities of X and Y to maximize utility.

3. Given a marginal propensity to consume (MPC) of 0.75, calculate the investment multiplier. If there is an initial injection of $1,000 in investment, calculate the total increase in GDP.


  • The formula for price elasticity of demand (PED) is: PED = (% change in quantity demanded) / (% change in price)
  • Initial quantity demanded (Q1) = 200 units
  • New quantity demanded (Q2) = 150 units
  • Initial price (P1) = $5
  • New price (P2) = $7

PED = ((Q2 – Q1) / Q1) / ((P2 – P1) / P1)
PED = ((150 – 200) / 200) / (($7 – $5) / $5)
PED = (-50 / 200) / ($2 / $5)
PED = (-0.25) / 0.4
PED = -0.625

So, the price elasticity of demand is -0.625.


  • Total Fixed Costs (TFC) = $5,000
  • Variable Cost per unit (VC) = $3
  • Quantity Produced (Q) = 1,000 units

Total Cost (TC) = TFC + (VC * Q)
TC = $5,000 + ($3 * 1,000)
TC = $5,000 + $3,000
TC = $8,000

Average Total Cost (ATC) = TC / Q
ATC = $8,000 / 1,000
ATC = $8 per unit

Marginal Cost (MC) is the change in total cost when one additional unit is produced. Since VC is constant at $3 per unit, MC is also $3.

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