The West African Examination Council (WAEC) conducts the Senior School Certificate Examination (SSCE) annually for students in Ghana, Liberia, Nigeria, Sierra Leone, and The Gambia. Among the subjects tested is economics, which has both objective (paper 1) and essay (paper 2) components. This article provides a comprehensive guide for students seeking to excel in the 2023 Waec Economics exam, including sample questions, answers, and helpful tips.
Overview of the Economics Exam
The 2023 Waec Economics exam consists of two papers: the Objective paper (paper 1) and the Essay paper (paper 2). Both papers are administered on the same day, with paper 1 focusing on multiple-choice questions and paper 2 featuring essay questions. The objective section tests the students’ understanding of basic economic concepts, while the essay section requires a deeper analysis of economic theories and principles.
Objective Paper (Paper 1)
The objective paper comprises multiple-choice questions that cover various topics within the economics syllabus. Students must answer all questions in this section. Some examples of objective questions include:
- Scarcity in economics means that _______
- The market where there are many differentiated products is called ______
- What is meant by labor supply?
Essay Paper (Paper 2)
The essay paper requires students to answer five questions from a selection of topics. Each question is designed to test the candidates’ ability to analyze and apply economic theories to real-world situations. Sample essay questions include:
- Explain the concept of localization of industry and highlight any four problems of localization of industry in any economy.
- What is the demographic transition theory, and explain the three stages of the theory?
- Define money and state the three motives for holding money. Mention two determinants of each of the motives for holding money.
Tips for Success in the Waec Economics Exam
To excel in the 2023 Waec Economics exam, students should consider the following tips:
- Review the syllabus: Familiarize yourself with the economics syllabus and ensure you cover all topics before the exam.
- Practice past questions: Work on past Waec Economics questions and their answers. This will help you get a feel for the types of questions asked and how to approach them.
- Understand key concepts: Make sure you have a solid understanding of basic economic concepts, as this will be crucial in tackling both objective and essay questions.
- Master the art of essay writing: Develop your essay-writing skills, as this will be essential in crafting well-structured and coherent answers in the essay paper.
- Time management: Practice answering questions within the allotted time to ensure you can complete both papers within the given timeframe.
Sample Objective Questions and Answers
Here are some sample objective questions and their answers to help you practice for the 2023 Waec Economics exam:
- Scarcity in economics means that _______ A. human wants are limitless B. the economy has very few resources C. the economy can scarcely produce anything D. resources are limited. Answer: D
- The market where there are many differentiated products is called ______ A. monopoly B. perfect competition C. monopolistic competition D. oligopoly. Answer: C
- What is meant by labor supply? A. number of people in the working population B. number of men and hours they work C. number of hours during which the middle-aged persons work D. number of workforce multiplied by the hours they worked. Answer: A
Sample Essay Questions and Answers
Below are examples of essay questions and their answers for the 2023 Waec Economics exam:
- Question: Explain the concept of localization of industry and highlight any four problems of localization of industry in any economy. Answer: Localization of industry occurs when firms in the same line of production concentrate in an area. Problems associated with localization of industry include:
- Undue competition for raw materials and other factors of production, pushing up costs
- Traffic congestion
- Pressure on other infrastructure such as electricity
- Limitation for expansion due to pressure on land
- Increased rural-urban migration
- Question: What is the demographic transition theory, and explain the three stages of the theory? Answer: Demographic Transition Theory is concerned with the historical population growth of society. It explains the relationship between fertility and mortality on population growth and how developed countries in contemporary times have passed through three identical stages of population history. The three stages of the theory are:
- Stage 1 (pre-transition phase/stage)
- Stage 2 (transition phase/stage)
- Stage 3 (post-transition phase/stage)
- Question: Define money and state the three motives for holding money. Mention two determinants of each of the motives for holding money. Answer: Money is any generally accepted medium of exchange for goods and services. The three motives for holding money are:
- Transaction motive
- Precautionary motive
- Speculative motive
- Transaction motive: size of income, the interval between wage payments, availability of credit, family size
- Precautionary motive: size of income, the interval between wage payments, availability of credit, perception of risks
- Speculative motive: the rate of interest, the degree of risk aversion
Conclusion
The Waec Economics Questions and Answers 2023: Objectives and Essay (OBJ & Theory) exam is an essential component of the SSCE for students in West Africa. By reviewing the syllabus, practicing past questions, and mastering key concepts, students can ensure they are well-prepared for the exam. Additionally, honing essay-writing skills and practicing time management will be crucial in achieving success in both the objective and essay papers.
