WAEC 2026 ECONOMICS QUESTIONS
WAEC 2026 ECONOMICS QUESTIONS BELOW
WAEC 2026 ECONOMICS OBJ QUESTIONS
_ECONOMICS OBJ BY Expopin_
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1. B – Joint supply
2. B – Implicit cost
3. B – They are natural and renewable
4. C – 0
5. A – Upward-sloping demand curve (article of ostentation)
6. C – Rise in the general price level
7. D – An increase in import tariffs
8. C – National income increases faster than population
9. A – There will be no demand for the product
10. B – $416.67 million
11. B – Price is higher than marginal revenue
12. C – Harmonization of monetary and fiscal policies
13. A – Backed by deposits in current accounts
14. C – It is required by law to publish its accounts
15. C – Inadequate productive resources
16. C – (ΔQd/ΔP) × (P/Qd)
17. C – External economies of scale
18. D – Liberalizing exchange control for investors
19. B – Proportional tax
20. D – Purchase of securities by the Central Bank from the open market
21. B – Ageing
22. B – 20 utils
23. A – Technical assistance
24. B – Plantation farming
25. B – Purchase goods and services
26. C – Combines factor inputs in right proportions
27. A – Experience technology transfer
28. A – Economic system
29. C – On equal basis for members
30. D – Formulate plans designed to increase industrial productivity
31. B – Total Cost minus Total Fixed Cost
32. B – Increasing the sale of local goods in foreign markets
33. D – Existence of numerous middlemen
34. A – Output being greater than demand
35. C – Excess demand for the crop
36. D – Farm labourer who remains unemployed during the dry season
37. C – There is an increase in the demand for the good
38. A – Labour specialization
39. B – Economy must grow to produce there
40. B – Agricultural sector
41. D – A new supply curve positioned to the right
42. C – Public goods
43. A – They are falsified for political gain
44. A – The limit to the amount of variable inputs the entrepreneur can employ
45. D – Capital
46. D – Capital market
47. B – Increase price between October and December and reduce price at other months in the year
48. B – Rent, wage, interest and profit paid to factor inputs
49. A – It is used in the production of other goods
50. B – Inelastic supply
THEORY ANSWERS
*WAEC ECONOMICS*
*NUMBER ONE*
(1a)
(i) Point of saturation (MU = 0): Qx = 6 units
(ii) MU declining but positive (MU between 8 and 0): Qx = 1 to 5 units
(iii) TU decreasing (when MU is negative): Qx = 7 units and beyond
(iv) TU at maximum (when MU = 0): Qx = 6 units
(1b)
(i)Law of Diminishing Marginal Utility
(ii)Law of Consumer Equilibrium
(1ci)
Consuming 1 unit of X: MU = 8 > Price ($4) → Consumer should increase consumption since they’re getting more utility than they’re paying. They are NOT in equilibrium yet.
(1cii)
Consuming 4 units of X: MU = 4 = Price ($4) → Consumer is at equilibrium. They should maintain this level of consumption as MU
NUMBER 2
(3a)
(i)Helps rank wants from most to least urgent
(ii)Guides rational decision-making with limited income
(iii)Helps avoid wasteful spending
(iv)Ensures maximum satisfaction from scarce resources
(3b)
(i)Scarcity; helps producer allocate limited resources efficiently
(ii)Supply & Demand; helps determine optimal production levels and pricing
(iii)Opportunity cost; helps make better investment decisions
(iv)Elasticity; helps set prices to maximize revenue
(v)Production costs; helps minimize costs and maximize profit
(vi)Market structures; helps understand competition and positioning
(vii)Marginal analysis; helps decide how much extra to produce
(viii)Consumer behavior; helps tailor products to meet demand.
(3c)
(i)Fall in cost of production; lower input costs allow more supply
(ii)Improvement in technology; increases productivity and output
(iii)Favorable government policies ; subsidies reduce costs, boosting supply
(iv)Increase in number of producers; more firms enter the market
*WAEC ECONOMICS*
*NUMBER SIX*
(6a)
Industrialization is the process by which a country develops its industries through the establishment and expansion of manufacturing and other industrial activities, leading to increased production of goods and services.
(6b)
Location of industry refers to the siting or establishment of a particular industry in a specific place based on factors such as availability of raw materials, labour, market, power supply, and transportation. WHILE Localization of industry refers to the concentration of many firms producing the same or similar products in a particular area or region, resulting in the growth of an industrial cluster.
(6ci)
A sawmill should be located near a forest or timber-producing area.
=Reason=
(i) To ensure easy access to logs and timber.
(ii) To reduce the cost of transporting bulky raw materials.
(iii) To minimize wastage and damage during transportation.
(iv) To ensure continuous supply of raw materials for production.
(6cii)
A ceramic tile producing factory should be located near deposits of clay and other ceramic raw materials.
=Reasons=
(i) Clay is the major raw material used in tile production.
(ii) Transportation cost of heavy raw materials is reduced.
(iii) Constant supply of raw materials is guaranteed.
(iv) Production costs are lowered, increasing profitability.
(6ciii)
An egg-producing poultry farm should be located close to a large urban market.
=Reasons=
(i) Eggs are highly perishable and require quick distribution.
(ii) Transportation costs to consumers are reduced.
(iii) A large market ensures steady demand and sales.
(iv) Fresh eggs can reach consumers promptly, reducing spoilage.
*WAEC ECONOMICS*
*NUMBER SEVEN*
(7a)
Economic growth refers to the increase in the value of goods and services produced in an economy, usually measured by GDP. In Country X, GDP increased from $50 billion to over $100 billion, showing that economic growth occurred.
*WHILE*
Economic development, on the other hand, involves improvements in the welfare and quality of life of the people through better income, education, healthcare, and employment opportunities. Although Country X experienced economic growth, economic development was limited because poverty remained high, unemployment was high, and living standards did not improve significantly.
(7b)
Economic growth can improve the standard of living by increasing national income, creating employment opportunities, and providing more resources for social services such as education and healthcare.
However, in Country X, despite the growth in GDP, the standard of living remained low because per capita income was only $1,850, poverty affected 37% of the population, and unemployment stood at 23%. This suggests that the benefits of economic growth were not widely distributed among the citizens. As a result, many people did not experience significant improvements in their living conditions despite the country’s economic growth.
(7c)
(PICK ANY FOUR)
(i) Inadequate funding: The government may not have provided enough money to finance the projects and programmes contained in the economic plan.
(ii) Corruption and embezzlement: Funds meant for implementing the plan may have been diverted for personal use by public officials.
(iii) Poor planning: The objectives and strategies of the plan may not have been properly designed, making implementation difficult.
(iv) Lack of skilled manpower: There may have been an insufficient number of qualified personnel to execute and manage the projects effectively.
(v) Political instability: Changes in government or political conflicts may have disrupted the continuity of the economic plan.
(vi) Poor infrastructure: Inadequate electricity, roads, water supply, and communication facilities may have hindered the successful execution of projects.
(vii) Weak monitoring and supervision: Lack of proper oversight may have led to delays, inefficiency, and abandonment of projects.
(viii) Rapid population growth: The increase in population may have outpaced the benefits of the economic plan, making it difficult to improve the welfare of citizens.
*WAEC ECONOMICS*
*NUMBER EIGHT*
(8ai)
Import quotas are quantitative restrictions imposed by the government on the amount or value of specific goods that may be imported into a country within a given period. Under this system, only a fixed quantity of a commodity is allowed into the country. The main purpose of import quotas is to protect domestic industries from excessive foreign competition, conserve foreign exchange, and encourage the consumption of locally produced goods.
(8aii)
An embargo is a government policy that completely prohibits the importation or exportation of certain goods or all goods to and from a particular country. It is usually imposed for political, economic, security, or health reasons. An embargo may be used as a means of exerting pressure on another country or protecting national interests.
(8aiii)
Import licences are official documents or permits issued by the government that authorize individuals, firms, or organizations to import specified goods into a country. Before certain goods can be imported, the importer must obtain approval from the relevant government authority. Import licensing helps the government regulate imports, control the use of foreign exchange, and prevent the entry of prohibited or harmful goods.
(8aiv)
Foreign exchange control refers to the measures and regulations introduced by the government or central bank to supervise and regulate the purchase, sale, and use of foreign currencies. Under this system, individuals and businesses may require official approval before obtaining foreign exchange for international transactions. The objective is to conserve scarce foreign exchange resources, maintain stability in the exchange rate, and ensure that foreign currencies are used for essential economic activities.
(8b)
(PICK ANY FOUR)
(i) Provision of export subsidies: The government can provide financial assistance to exporters to reduce production costs and make their goods more competitive in foreign markets.
(ii) Granting tax reliefs and incentives: Exporting firms can be given tax holidays, tax rebates, or reduced taxes to encourage them to increase their export activities.
(iii) Improvement of transportation and communication facilities: Good roads, seaports, airports, and communication networks make it easier and cheaper to move goods to international markets.
(iv) Provision of adequate credit and loans: Banks and financial institutions can provide exporters with low-interest loans to finance production and export operations.
(v) Establishment of export promotion agencies: Government agencies can assist exporters by providing market information, training, and support services needed for international trade.
(vi) Improvement in the quality and standard of export products: Producing high-quality goods that meet international standards increases demand for the country’s products in foreign markets.
(vii) Participation in international trade fairs and exhibitions: These events provide opportunities for exporters to advertise their products, attract foreign buyers, and establish business contacts.
(viii) Reduction of bureaucratic procedures: Simplifying export documentation and approval processes helps exporters save time and reduces the cost of doing business internationally.
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