WAEC 2025 Economics | Objective

Prepare for your exams with WAEC questions? Reviewing past/model questions is one of the most effective ways to guarantee a high score. This practice hub features authentic 2025 Economics (Objective) questions designed to simulate the real exam environment.

Practice these randomly selected questions to test your readiness.

Question 1 View Details
In Economics, it is necessary that choice be made mainly because A. goods are of various qualities. B. goods have different prices. C. resources are inadequate. D. consumers' wants differ.
Correct A. goods are of various qualities.
B. goods have different prices.
C. resources are inadequate.
D. consumers' wants differ.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 2 View Details
If the production of 5 bags of rice are given up by a farmer in order to produce 1 bag of maize, this implies that, B. maize has a greater opportunity cost of production than rice.
A. rice has a greater opportunity cost of production than maize.
Correct B. maize has a greater opportunity cost of production than rice.
C. rice and maize have no opportunity cost of production.
D. rice and maize have equal opportunity costs of production.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 3 View Details
One advantage of a free market economy is that it A. guarantees full employment of labour. B. gives incentives for innovation. C. allocates resources to produce public goods. D. ensures equality in distribution.
A. guarantees full employment of labour.
Correct B. gives incentives for innovation.
C. allocates resources to produce public goods.
D. ensures equality in distribution.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 4 View Details
One advantage of a free market economy is that it:
A. guarantees full employment of labour.
Correct B. gives incentives for innovation.
C. guarantees income equality.
D. allocates resources to produce public goods.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 5 View Details
In a command economy, wages are determined by A. the employers. B. trade unions. C. central planning. D. forces of demand and supply.
A. the employers.
B. trade unions.
Correct C. central planning.
D. forces of demand and supply.

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 6 View Details
DIAGRAM - Figure 1
[See diagram]
Use the diagram below to answer question 6.
Question 7 View Details
DIAGRAM - Figure 1
[See diagram]
What name is given to the diagram in Figure 1? A. Multiple bar chart B. Simple bar chart C. Component bar chart D. Tree-column bar graph
Correct A. Multiple bar chart
B. Simple bar chart
C. Component bar chart
D. Tree-column bar graph

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 8 View Details
A rational consumer of a normal good, ceteris paribus, will do the following except A. buy more rice as its price rises. B. buy more rice at a higher price. C. maximize his satisfaction. D. buy less rice.
Correct A. buy more rice as its price rises.
B. buy more rice at a higher price.
C. maximize his satisfaction.
D. buy less rice.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 9 View Details
Commodities with negative income elasticities of demand are classified as A. inferior goods. B. normal goods. C. substitute goods. D. complementary goods.
Correct A. inferior goods.
B. normal goods.
C. substitute goods.
D. complementary goods.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 10 View Details
The demand for a box of matches by a rich consumer is most likely to be A. price elastic. B. perfectly price elastic.
Correct A. price elastic.
B. perfectly price elastic.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 11 View Details
C price inelastic. D. income elastic.
Correct A. price inelastic.
B. income elastic.
C. price inelastic.
D. income elastic.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 12 View Details
Good X has a price elasticity of demand of 0.25. This means that A. many close substitutes. B. is a luxury good. C. is not produced out of habit. D. has few substitutes.
Correct A. many close substitutes.
B. is a luxury good.
C. is not produced out of habit.
D. has few substitutes.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 13 View Details
The demand curve for a necessary good without any substitute is usually A. vertically sloped. B. negatively sloped. C. horizontally sloped. D. positively sloped.
Correct A. vertically sloped.
B. negatively sloped.
C. horizontally sloped.
D. positively sloped.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 14 View Details
A rightward shift of the supply curve of cocoa implies that A. the price of cocoa has increased. B. subsidy on farm equipment has increased. C. the weather condition has worsened. D. the number of farmers has reduced.
A. the price of cocoa has increased.
Correct B. subsidy on farm equipment has increased.
C. the weather condition has worsened.
D. the number of farmers has reduced.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 15 View Details
Which of the following is not a determinant of price elasticity of supply? A. Availability of labour. B. Cost of production. C. Consumers' income. D. Government policy.
A. Availability of labour.
B. Cost of production.
Correct C. Consumers' income.
D. Government policy.

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 16 View Details
An increase in the price of a factor of production in an industry may cause A. an increase in supply of goods to decrease. B. more firms to enter the market. C. the government to increase taxes. D. the quantity supplied of the factor input to increase.
Correct A. an increase in supply of goods to decrease.
B. more firms to enter the market.
C. the government to increase taxes.
D. the quantity supplied of the factor input to increase.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 17 View Details
At a point where marginal utility is zero, A. utility increases. B. consumer loses to increase to marginal utility. C. buy more to add to average utility. D. buy more to add to marginal utility.
A. utility increases.
B. consumer loses to increase to marginal utility.
C. buy more to add to average utility.
Correct D. buy more to add to marginal utility.

Correct Answer: D

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 18 View Details
If the price of cassava is fixed above equilibrium, this policy is meant A. to discuss cassava farmers. B. favour consumers of cassava. C. encourage cassava farmers. D. reduce the quantity of cassava supplied.
A. to discuss cassava farmers.
Correct B. favour consumers of cassava.
C. encourage cassava farmers.
D. reduce the quantity of cassava supplied.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 19 View Details
If the supply of a product with a per unit elastic demand increases, there will be A. an increase in equilibrium price and quantity. B. a fall in equilibrium quantity. C. a fall in equilibrium price while equilibrium remains constant. D. an increase in equilibrium quantity while equilibrium remains constant.
Correct A. an increase in equilibrium price and quantity.
B. a fall in equilibrium quantity.
C. a fall in equilibrium price while equilibrium remains constant.
D. an increase in equilibrium quantity while equilibrium remains constant.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 20 View Details
If a firm can increase production in the short-run by A. increasing its fixed costs. B. buying more raw materials. C. employing skilled managers. D. building a new factory.
A. increasing its fixed costs.
Correct B. buying more raw materials.
C. employing skilled managers.
D. building a new factory.

Correct Answer: B

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 21 View Details
In installing a larger and more efficient production plant, a firm enjoys A. managerial economies. B. financial economies. C. technical economies. D. marketing economies.
Correct A. managerial economies.
B. financial economies.
C. technical economies.
D. marketing economies.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 22 View Details
As output increases, the quantities of its variable factor decrease A. fixed factor. B. marginal product of the variable factor increases continuously. C. marginal product of the variable factor rises and later falls. D. total product will rise continuously.
A. fixed factor.
B. marginal product of the variable factor increases continuously.
Correct C. marginal product of the variable factor rises and later falls.
D. total product will rise continuously.

Correct Answer: C

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 23 View Details
The curve labelled 12 is A. average cost curve. B. marginal cost curve. C. average variable cost curve. D. average fixed cost curve.
Correct A. average cost curve.
B. marginal cost curve.
C. average variable cost curve.
D. average fixed cost curve.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 24 View Details
The equilibrium output level is at output A. Q. B. R. C. S. D. T.
Correct A. Q.
B. R.
C. S.
D. T.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics
Question 25 View Details
The interval between curves Y and Z represents A. total fixed cost. B. average fixed cost. C. average total cost. D. total cost.
Correct A. total fixed cost.
B. average fixed cost.
C. average total cost.
D. total cost.

Correct Answer: A

Want to see the full step-by-step solution? Unlock AI Explanation & Analytics

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub:
Chat with Support