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Ikiodiete George
- 3 Min Read
Waec Gce Economics Exam (2025/2026): Full List Of Most Repeated Topics & Past Questions
WAEC GCE Economics is one of the most commonly chosen subjects by commercial and art students. Whether you're writing the first or second series, one secret to passing is to study smart using repeated questions and key topics.
This guide covers the most repeated topics in WAEC GCE Economics, sample past questions, and helpful strategies to make your exam preparation more effective.
What You’ll Learn in This Guide
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WAEC GCE Economics exam format
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Most repeated topics
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Objective and theory past questions
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Smart tips to pass with high grades
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FAQs for Economics candidates
WAEC GCE Economics Exam Format
| Paper | Type | Duration | Content |
|---|---|---|---|
| Paper 1 | Objective (Multiple Choice) | 1 hour | 50 compulsory questions |
| Paper 2 | Theory (Essay) | 2 hours | 5 essay questions; divided into Sections A & B |
Most Repeated Topics in WAEC GCE Economics
| Topic | Key Areas Covered |
|---|---|
| Basic Economic Concepts | Scarcity, choice, opportunity cost |
| Demand and Supply | Laws, curves, elasticity, determinants |
| Production | Types, factors of production, division of labor |
| Market Structures | Perfect, imperfect, monopoly, oligopoly |
| Money and Inflation | Functions of money, causes/effects of inflation |
| Public Finance | Budget, taxation, government revenue and expenditure |
| Economic Growth & Development | Indicators, obstacles, strategies |
| National Income | GDP, GNP, income distribution, circular flow |
| Population & Labour Market | Census, types of unemployment, mobility of labour |
| International Trade | Balance of trade/payment, exchange rate |
| Agriculture and Industrialization | Roles in economy, challenges, government support |
| Financial Institutions | CBN, commercial banks, non-bank institutions |
| ECOWAS and Globalization | Objectives, benefits, disadvantages |
WAEC GCE Economics Past Objective Questions (Paper 1)
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The basic problem of every economy is
A. unemployment
B. inflation
C. scarcity
D. taxation
✅ Correct Answer: C -
If an increase in price leads to a smaller fall in quantity demanded, the demand is:
A. perfectly elastic
B. inelastic
C. elastic
D. unitary elastic
✅ Correct Answer: B -
Which of these is a source of public revenue?
A. Investment
B. Taxation
C. Subsidy
D. Deficit budget
✅ Correct Answer: B
WAEC GCE Economics Theory Questions (Paper 2)
Question 1 (Repeated):
(a) What is opportunity cost?
(b) Give three real-life examples of opportunity cost in economics.
Sample Answer:
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Opportunity cost is the value of the next best alternative forgone when a choice is made.
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Examples:
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Choosing between buying a textbook or a meal
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Using land for farming instead of building
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Government spending on roads instead of hospitals
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Question 2 (Likely):
(a) Explain five causes of inflation.
(b) Suggest three ways to control inflation.
Key Points:
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Causes: Demand-pull, cost-push, excess money supply, wage increases, import inflation
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Control: Monetary policy, fiscal policy, import control
Question 3 (Repeated):
Explain four features of a perfectly competitive market.
| Features | Explanation |
|---|---|
| Many buyers and sellers | No individual can control the market price |
| Homogeneous products | Identical goods offered by all sellers |
| Free entry and exit | No barriers to joining or leaving the market |
| Perfect knowledge | Buyers/sellers have full market information |
Most Repeated WAEC Economics Topics by Year
| Year | Frequently Asked Topics |
|---|---|
| 2024 | National income, demand and supply, taxation |
| 2023 | Inflation, population, labour market |
| 2022 | Public finance, international trade, elasticity |
| 2021 | Production, market structures, agriculture |
| 2020 | Opportunity cost, money, economic development |
Smart Tips to Score A1 in WAEC GCE Economics
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Focus on Diagrams – Practice supply/demand curves, production possibility frontiers.
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Solve 10+ Years of Past Questions – Most questions are often repeated or slightly reworded.
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Master Definitions – Know key terms like GDP, inflation, elasticity, etc.
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Organize Theory Answers – Use subheadings and bullet points for clarity.
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Know Examples – Relate your answers to Nigeria’s economy where possible.
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Revise Calculations – Be ready for simple national income, demand-supply calculations.
WAEC GCE Economics FAQs
Q: Do I need to solve calculations in Economics exams?
Yes, especially in topics like national income, elasticity, and cost concepts.
Q: Is Economics a theory-heavy subject?
Yes, but the objective section tests fast thinking and concept clarity.
Q: Can I score A1 without a background in commerce?
Absolutely. With smart preparation, anyone can score A1.
Q: What textbooks should I use?
Recommended: Comprehensive Economics for Senior Secondary Schools and Essential Economics.
Final Words
WAEC GCE Economics is not about reading the entire syllabus—it’s about focusing on what matters most. Most questions come from repeated core topics, so prioritize them during your revision.
“Study smart, not hard. Repeated WAEC Economics topics are your golden key to success.”
