# Waec 2023 Economics Objective And Theory Answers – May/June

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Waec Economics Questions and Answers for free to all Weac candidates In Ghana, Liberia, Nigeria, Sierra Leone, and The Gambia. On this page, all the Waec Economics questions and answers for 2023 and the most common questions and answers are released here.

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

### 2023 Waec Economics Exam Papers

2023 Waec Economics Exam Papers Are

• Waec Economics Essay Questions
• Waec 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 Economics Exam Questions will also be released for those participating in the 2023 Waec examination.

## 2023 Waec Economics Questions and Answers Objective (paper 1)

Previous Year WAEC ECONOMICS OBJ ANSWERS:

ECONOMICS OBJ:

1-10 BABBCBABBB
11-20 CCBBAABABA
41-50 BCCACCBBBC

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

(2a)
Qd =30 – P
Qs =15 +2P
Demand and Supply schedule for the market :
Price(\$): 2,4,7
Qd :28,26,23
Qs : 19,23,29
Qd = 30 – P when P =2
Qd = 30 -2 =28
Qd = 30 – P when P=4
Qd = 30 -4 =26
Qd = 30 – P when P=7
Qd = 30 -7 = 23

Tabulate again supply schedule
Price(\$): 2,4,7
Qd :28,26,23
Qs : 19,23,29
Qs = 15 + 2P when P=2
Qs = 15 + 2(2)
= 15 + 4 = 19
Qs = 15 + 2P when P=4
Qs = 15 + 2(4)
= 15 + 8 = 23
Qs = 15 + 2P when P=7
Qs = 15 + 2(7)
= 15 + 14 =29
(2bi)
Equilibrium quantity
Qd = 30 – P
Qd = 30 – 5
Qd = 25
(2bii)
At P=\$3
Qd=30-p
Qd=30-3
Qs=15+2p
=15+2(3)
=15+6
=21apples
excess demand =27-21
=6apples
(2ci)
Tabulate
Qd=40-p
Price(\$): 2,4,7
Qd:38,36,33

(2cii)
(i)it represents an increase in demand

(2ciii)
(i)the two schedules show that there is a corresponding
increase in demand for apples for ten (10) at each price
============

(3a)
Land is any natural resource used to produce goods and
services. This includes not just land, but anything that
comes from the land.

(3b)
(i)Land is a Primary Factor in Production
(ii)Land is a Passive Factor in Production
(iii)Land has some Original Indestructible Powers

(3c)
(i)Land is the original source of all material wealth: The
the economic prosperity of a country is closely linked with
the richness of her natural resources.
(ii)The quality and quantity of agricultural wealth in a country
depending on the nature of the soil, climate, and rainfall.
Agricultural products form the basis of trade and
industry.
(iii)Industry also depends upon the available raw materials
and sources of power e.g coal mines or waterfalls for
electricity products which are gotten from the soil.
(iv)Land provides employment: land helps people of a
citizen to get jobs such as farming, fishing, lumbering
among others and this help to develop a nation

==================

(4a)
subsistence farming can be defined as the type of
agriculture which is concerned with the production of food
for the farmer and family only

(4b)
crop farming can be defined as agriculture that deal
with crop cash production e. G cocoa, cashew, cowpea.
WHILE livestock farming can be defined as the rearing of
domestic animals e. G pig, fish etc

(4c)
(i)Credit facilities
(ii)Extension of workers
(iv)provision of social amenities
===============
(6a)
Inflation is the rate at which the general level of prices
for goods and services is rising and, consequently, the
purchasing power of currency is falling.

(6bi)
(i)growing economy
(ii)expectation of inflation
(iii)discretionary fiscal
(6bii)
(i)monopoly
(ii)wage inflation
(iii)exchange rates

### Practice Waec Economics Questions On Objective and Theory

If you can be able to access these questions with the appropriate answers without using textbooks or materials you are 80% ready for the 2023 Economics Exam. Kindly submit the answer in the comment section below and if you are interested in the 2023 Waec Economics answers kindly show interest.

Which of the following is not a feature of Sole Proprietorship?

A. The Sole Proprietor provides the capital to start the business
B. The Sole Proprietor is the boss of his business
C. There is unlimited liability
D. Continuity is doubtful at the death of the proprietor
E. Decision can be taken only by ten people

The International Bank of Reconstruction and Development (IBRD) is important to developing nations because it

A. Gives loans to members for legal proceedings
B. Offer grants and aid for defense
C. Enhances financial relationships among countries
D. Offer soft loans for educational and health services
E. Offer grants and aid to finance private projects

Which of these best explains the Malthusian theory of population?

A. Increase in population cause hunger and death
B. The population increases faster than the food supply
C. The population grows at arithmetic progression while food production grows at geometric progression
D. People could be sent to â€˜No man’s landâ€™ when the population increases
E. People should produce as many children as they could to because passion cannot be controlled

Which of the following are the most liquid assets to a commercial bank?

A. Money at call and short notice
B. Treasury Bills
C. Commercial Bills
D. Stock and Shares
E. Cash

A. Terms of trade shows the difference between the values of export and imports
B. Terms of trade indicate the rate at which exports exchange for imports
C. It is the ratio of the price index of exports to imports
D. It is usually expressed as a percentage
E. A rise in the price of export relative to imports is an improvement

A review of the occupational distribution of the population from time to time helps us to know the

A. Rate at which the population grows
B. Number of people that makes up the labor force
C. Efficiency of the working population
D. Industries which are becoming less important
E. Number of people that are not employed

The price of a commodity is determined by the

A. Supplier
B. Consumer
C. Quantity of goods demanded
D. Quantity of goods supplied
E. Interaction of demand and supply

The equilibrium position of a firm is attained

A. When MC = AR
B. When MC = PC
C. When MC = MR
D. When AC = AR
E. When AR = MR

The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the

A. US dollars.
C. Pounds sterling
D. Deutschemark
E. Belgian franc

The two largest producers of crude oil in Nigeria are

A. Borno and Ondo States
B. Oyo and Bendel States
C. Kwara and Benue States
D. Rivers and Bendel States
E. Niger and Rivers States

If a producer sells 1kg of rice for N20 and his marginal product is 100kg, what is the highest wage he can pay the marginal laborer?

A. N 20.00
B. N 30.00
C. N 50.00
D. N 100.00
E. N 200.00

Nigerian indigenization decree was promulgated in order to

A. Allow indigenes to have full participation in the economic activities of the country
B. Drive away foreigners
C. Give equal chances to indigenes and foreigners in making economic decisions in the country
D. Give industrial training to indigenes
E. Indigenes expose the economic activities of the country

An economic system in which most capital goods are owned by individuals and private firms is known as

A. Mixed economy
B. Planned economy
C. Capitalist economy
E. Civilized economy

### 2023 Waec Economics Questions On Theory

Before you leave this page kindly make sure you understand and know how WASSCE grades your WAEC Subject. The reason why we are doing this, is not to frighten or scare you but to put you in check and see reasons why you need to be serious with your Economics study for the 2023 Economics Exam

### Waec Grading System For all Waec Candidates

Do you know that the West African Examination Council (WAEC) Board has published the Waec grading system of results? Kindly check below to see the meaning of the Waec Grading Result.

The table below shows candidates’ positioning of the Waec grading of results ranging from A1, B2, B3, C4, C5, C6, D7, E8, F9 are the complete list of Waec Grading Result. All Waec candidates must fall into one of the Waec Grading Systems.

 GRADE NUMERIC VALUE INTERPRETATION A1 1 EXCELLENT B2 2 VERY GOOD B3 3 GOOD C4 4 CREDIT C5 5 CREDIT C6 6 CREDIT D7 7 PASS E8 8 PASS F9 9 FAIL

1. A1 Excellent 75% – 100%
2. B2 Very good 70% – 74%
3. B3 Good 65%  69%
4. C4 Credit 60% – 64%
5. C5 Credit 55% – 59%
6. C6 Credit 50% – 54%
7. D7 Pass 45% – 49%
8. E8 Pass 40% – 45%
9. F9 Failure 0% – 44%

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