WAEC Economics Questions and Answers 2021/2022 [OBJ & Theory]

It’s easy to get correct WAEC Economics questions 2021 and also, free WAEC Economics answers 2021 to NECO Exam if you follow this our WAEC 2021 Economics questions and answers expo attentively.

We have long been receiving several questions from WAEC candidates Googling for answers online, which many of them had been asking some important questions like;

Where can I get correct Economics questions and answers for WAEC 2021 before the exam? Answer: we will give you a complete package that will help you to unveil exactly what WAEC will set for the Economics exam.

Legit WAEC Economics Expo website: this depends on the kind of expo you are looking for. If you are looking for WAEC 2021 expo guidelines that will help you to have a foreknowledge of the WAEC 2021 Economics questions, then you will get here.

WAEC Questions and Answers for Economics 2021/2022

Firstly, the Economics exam is one of the subjects that you will be writing on this exam. The exam has 50 multiple choice objective questions to be answered along with other theory questions within the assigned time.

WAEC Economics Questions and Answers OBJ & Theory solution Expo for Paper 1 and Paper 2.

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Rules:

Here are some common rules that you should apply when taking this exam.

  • Start answering easy questions first.
  • Skip any questions that seem to take your time.
  • Do not spend more than a minute on any question
  • Endeavor to recheck your work before submitting it.
  • Make sure you don’t leave a question blank. If you don’t know what to take, just choose any option that enters your mind instead of leaving it blank.

Back to the business of the day, below are the possible WAEC Economics questions and answers 2020 samples to study with.

Samples OBJ and Theory Expo

We have taken a long time to run some analysis and we have found out the possible WAEC Economics Questions 2021 that will likely come up in this year’s exam.

Below is a WAEC Economics answers 2021 sample to take note of.

1. A situation where the government increases the supply of money so as to meet with the country’s expenditure is known as___

  1. Circulation
  2. Supply
  3. Deflationary
  4. Exchange rate
  5. Inflationary

Inflationary is the correct answer.

2. Which of the following performs the function of buying and selling of shares?

  1. Share companies
  2. insurance companies
  3. Public Limited companies
  4. stock exchanges
  5. Entrepreneurs

Stock exchanges is the correct answer.

3. Which of the following policies can be used to easily solve an inflation problem:

  1. Increase the supply of currency
  2. Increasing the supply of commodities
  3. Reducing the salaries of workers
  4. Printing enough money
  5. Stop foreign exchange

Increasing the supply of commodities is the correct answer

4. A fall in price occurs when the ____?

  1. Quality of product falls
  2. Cost of production reduces
  3. Quantity of a product increases above the quantity of demand.
  4. Value of the product is diminishes
  5. Demand for a product increases

Quantity of a product increases above the quantity of demand is the correct answer.

5. Inflation occurs when ___ rises and ___ drops

  1. Price and Value
  2. Dollar and Naira
  3. Production and Purchase
  4. Economic and Supply
  5. Needs and Capital

Price and Value is the correct answer

6. Goods whose demand falls as income increase are known as__?

  1. Fall in price
  2. Short-term goods
  3. Inferior goods
  4. Fluctuation goods
  5. Imitation goods

Inferior goods is the correct answer

Repeated Past Questions and Answers For Economics

To add value to this, I have also made some research to figure out the most repeated Economics Past Questions and Answers for WAEC 2021. So use them for study and reference purposes only.

1. The effect of a growing population include the following, except?

  1. Unnecessary Rise in demand
  2. Increased rate of Unemployment
  3. Sudden Fall in the standard of living
  4. High level of “per capita income”

2. Which of this is a cause of low personal savings in West Africa?

  1. The low income of the people.
  2. Commercial Banks refusal to give loans.
  3. Overpopulation.
  4. cheaper foreign currencies.

3. The benefit of the petroleum industry including the following, except?

  1. Increment in the foreign exchange rate
  2. Establishment of more companies, refineries & industries
  3. Provision of Employment to a greater proportion of the population
  4. Advancement and Development of social infrastructure

4. Which of this method could be used to resolve disputes between employees effectively?

  1. co-operation.
  2. collective bargaining.
  3. display of placards.
  4. legal action.

5. Which of these definitions well describes the term “Peasant agriculture” in West Africa?

  1. specialization in the production of one crop.
  2. It involves the use of small farm holdings.
  3. Peasant agriculture is a capital-intensive system of farming.
  4. It’s mostly associated with tree crops.

6. Which of the following is an advantage of large scale production?

  1. there is a rise in the cost of administration.
  2. consumers sacrifice their individual tastes.
  3. the firm can use labor-saving machinery.
  4. the demand for a firm’s products becomes localized.

Please do not hope on a WAEC Economics answers runz website else, your perception will actually be the wrong cos, there’s no website that will give a correct WAEC economics questions and answers for free.

If you still need more help for this 2021 WAEC Economics exam, then hit our inbox using the comment box below and we will send you feedback as soon as possible.

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