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Ikiodiete George
- 3 Min Read
Waec Economics Exam (2025/2026): Full List Of Highly Repeated Topics & Past Questions
Economics is one of the most important WAEC subjects for students in commercial and social science classes. The good news? WAEC repeats questions every year, especially from certain topics.
WAEC Economics success starts with knowing the repeated topics and how to answer them clearly.
This blog will guide you through:
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Most repeated WAEC Economics topics
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Actual WAEC past questions with answers
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Paper structure and grading system
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Tips to study smart for 2025/2026
Most Repeated Topics in WAEC Economics (2025/2026)
Below are the most frequently tested WAEC Economics topics based on trends from the last 10 years:
| Topic | Why It Repeats |
|---|---|
| Basic Economic Concepts | Appears in both objective and theory |
| Demand and Supply | WAEC’s favorite for calculations |
| Market Structure | Regular in theory and diagram questions |
| Production and Factors of Production | Very common in both papers |
| Inflation and Deflation | Economic issues WAEC likes to test |
| Money and Banking | Always appears in theory |
| Public Finance & Budgeting | Popular in essay-type questions |
| National Income | Repeated for calculations and explanations |
| Population and Labour Market | Common in obj and theory |
| Agriculture and Industrialization | Appears in long-answer theory |
| Economic Development & Planning | Frequently repeated in structured questions |
| International Trade | WAEC loves this topic, always present |
| Foreign Exchange & Balance of Payments | Constantly repeated in Paper 2 |
| ECOWAS and Economic Institutions | Appears almost every year |
Sample WAEC Economics Past Questions (2020–2024)
Here are sample questions from actual WAEC past papers:
1. Basic Economic Concepts
Question: Define opportunity cost and give one example.
(WAEC June 2023)
Answer:
Opportunity cost is the value of the next best alternative forgone when a choice is made.
Example: Choosing to buy data instead of lunch — lunch is the opportunity cost.
2. Demand and Supply
Question: State the law of demand and list two factors that affect it.
(WAEC June 2022)
Answer:
Law of demand: The higher the price, the lower the quantity demanded, and vice versa.
Factors: Income of consumers, price of related goods.
3. Market Structures
Question: List four characteristics of a perfect market.
(WAEC June 2021)
Answer:
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Large number of buyers and sellers
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Homogeneous products
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Free entry and exit
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Perfect knowledge of market conditions
4. Inflation
Question: What is inflation? List two causes.
(WAEC June 2020)
Answer:
Inflation is a sustained increase in the general price level of goods and services.
Causes: Excessive money supply, high production costs.
5. Foreign Trade
Question: Differentiate between import and export trade.
(WAEC June 2024)
Answer:
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Import trade: Buying goods from other countries
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Export trade: Selling goods to other countries
WAEC Economics Theory Question Tips
| Area | What WAEC Expects |
|---|---|
| Diagrams (e.g. demand curves) | Label clearly and explain in words |
| Definitions | Keep them short, accurate, and to the point |
| Comparisons (e.g. public vs private) | Use a table for full marks |
| Calculation (e.g. elasticity, national income) | Show full workings |
WAEC Economics Paper Structure
| Paper | Type | Details |
|---|---|---|
| Paper 1 | Objective (OBJ) | 50 multiple choice questions (1 hour) |
| Paper 2 | Theory | 4–6 essay-type questions (choose 4) |
| Paper 3 | Alternative to Practical (School-based) | May include data analysis and tables |
WAEC Economics Grading System
| Grade | Score Range (%) | Remark |
|---|---|---|
| A1 | 75 – 100 | Excellent |
| B2 | 70 – 74 | Very Good |
| B3 | 65 – 69 | Good |
| C4 – C6 | 50 – 64 | Credit |
| D7 – E8 | 40 – 49 | Pass |
| F9 | Below 40 | Fail |
Smart Study Tips for WAEC Economics
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Practice at least 5 past questions weekly
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Revise demand and supply graphs repeatedly
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Create flashcards for key terms
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Study with friends and test each other
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Use WAEC-approved Economics textbooks
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Summarize long topics in your own words
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Use tables for comparisons (e.g., monopoly vs perfect competition)
WAEC Economics – Frequently Asked Questions (FAQs)
Q: Is WAEC Economics theory difficult?
Not if you prepare well. Use simple points and clear explanations.
Q: Are calculations important in WAEC Economics?
Yes. Learn elasticity, total revenue, national income and foreign exchange calculations.
Q: Does WAEC repeat Economics questions?
Yes! WAEC often repeats topics and similar question styles, especially in theory.
Q: How can I remember all definitions?
Use flashcards or jot definitions in a separate note for quick revision.
Final Thoughts
WAEC Economics is easy to pass — if you study the right way. Focus on repeated topics, practice past questions, and write clear answers.
Don’t read everything. Read what matters most — and revise it again and again.
