WAEC Economics Questions and Answers 2022

Are you a WAEC aspirant seeking for answers on WAEC 2022? Have you been searching for the following questions: Economics waec question 2022, 2022 WAEC Economics questions and answers, then this post is for you.

In this article, we’ll be looking into WAEC Economics questions and Answers for 2022. It include the 2022 WAEC Economics questions and Answers, Past questions and answers and all you need to know about the WAEC Economics Examination questions. Few hints is also included on how to pass WAEC Economics Examination.

READ ALSO: WAEC Mathematics Questions and Answers 2022 ( Mathematics Obj and Essay Answers)

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2022 WAEC Economics Questions and Answers Loading…

To start with, let’s look into the details about how the 2022 WAEC questions will look like as well as.all you need to know about it. WAEC Economics past questions and Answers are also included.

All you need to know about the 2022 WAEC Economics Exam

The WAEC 2022 Economics examination is in two parts – Objective and Essay.

You should be expecting 50 questions from the objective part and all to be answered within one hour.

The Essay part contains between 5 to 7 questions of which you are to answer any four (4) of your choice. All to be answered in an hour and thirty minutes.

Note that all question carries equal mark.

WAEC Economics  Questions and Answers 2022

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

You can be sure that the WAEC Economics Answers will be posted here once the exam starts. This is why you have to keep visiting this page so as not to miss out.

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How to pass WAEC Economics Examination

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.

WAEC Economics Syllabus 2022

The resources below on Economics have been provided by WAEC to assist you to understand the required standards expected in Economics final Examination. Students performance in examination under review was done by the Chief examiner Questions.

The syllabus will test candidates

1. knowledge of the basic economic principles, concepts, and the tools for economic analysis;
2. understanding of the structure and functioning of economic institutions – commercial, agricultural, industrial and financial institutions;
3. understanding of the basis for rational economic decisions;
4. ability to explain the basis and structure of the West African economy, including the roles of agriculture, industry and mining and their contributions to the national income;
5. the ability to follow the role and status of the West African countries in international economic relationships;
6. ability to appreciate the problems West African countries encounter in their economic development.

You can see the complete WAEC Syllabus via this link

Remember that Economics is a compulsory subject for all students which makes a must pass subject for all. We implore you once again to subscribe to our website to get the update.

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