Get free 2025 WAEC Nov/Dec GCE Economics (Obj/Essay) Questions and Answers for Private Candidates | WAEC Economics Obj/Essay Questions and Answers (14th Nov, 2025).
The 2025 WAEC GCE (Nov/Dec) Economics (Obj/Essay) examination is one of the most popular and essential subjects for students in the Arts, Social Sciences, and even Commercial streams. Economics equips candidates with knowledge about production, distribution, consumption of goods and services, as well as important concepts like demand, supply, inflation, unemployment, international trade, and economic development.
This exam is designed to test not just your ability to memorize definitions, but also your capacity to apply economic principles to real-life problems. It requires clear understanding, logical thinking, and practice with past questions.
According to the official WAEC GCE timetable, the Economics (Obj/Essay) exam will take place on Friday, 14th November, 2025 and consists of two papers:
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Economics 2 (Essay): 08:30 a.m. – 10:30 a.m. (2 hours)
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Economics 1 (Objective): 10:30 a.m. – 11:30 a.m. (1 hour)
This article provides the exam structure, sample Economics essay and objective questions, likely areas of focus, and expert tips to help you prepare effectively.
Structure of WAEC GCE Economics (Obj/Essay)
Economics Paper 2 – Essay
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Duration: 2 hours
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Candidates are usually given 10 questions covering a wide range of topics.
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You are expected to answer 4 questions only.
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Each question carries equal marks.
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Answers must be written in clear, logical paragraphs. Graphs, tables, and diagrams are encouraged where applicable.
Economics Paper 1 – Objective
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Duration: 1 hour
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Contains 50 multiple-choice questions.
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Covers the entire Economics syllabus, from microeconomics and macroeconomics to development economics and international trade.
- Questions require precision and speed since each answer is worth just one mark.
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Sample Essay Questions and Answers
Essay Question 1:
Explain five causes of unemployment in developing countries.
Answer:
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Rapid Population Growth: More people enter the labor force yearly, but jobs do not grow at the same pace.
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Poor Industrial Development: Lack of industries limits job opportunities outside agriculture.
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Inadequate Education/Skills: Many graduates lack practical skills needed by employers.
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Over-dependence on Imports: Limits local production and reduces employment opportunities.
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Political Instability: Frequent crises discourage investment that could create jobs.
Essay Question 2:
What is inflation? List four effects of inflation on the economy.
Answer:
Inflation is a persistent rise in the general price level of goods and services over a period of time.
Effects of Inflation:
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Reduces the purchasing power of money
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Discourages savings as the value of money falls
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Distorts investment decisions
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Increases cost of living and worsens poverty levels
Essay Question 3:
State and explain four advantages of international trade.
Answer:
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Wider Market Access: Countries can sell goods to international markets.
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Variety of Goods: Nations enjoy products they cannot produce locally.
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Employment Opportunities: Export industries create more jobs.
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Improved International Relations: Trade fosters cooperation among nations.
Sample Objective Questions (Paper 1)
Q1: Scarcity in Economics refers to:
Answer: Limited resources available to meet unlimited wants.
Q2: A downward sloping demand curve shows the relationship between:
Answer: Price and quantity demanded.
Q3: Which of these is not a function of money?
A) Medium of exchange
B) Store of value
C) Standard of deferred payment
D) Unlimited supply
Answer: D (Unlimited supply)
Q4: Balance of payments deficit can be corrected by:
Answer: Reducing imports and encouraging exports.
SEE ALSO
- 2025 WAEC GCE (Nov/Dec) Government (Obj/Essay) Answers
- 2025 WAEC Nov/Dec Further Mathematics (Obj/Essay) Answers
- 2025 WAEC GCE Nov/Dec Catering Craft Practice Answers – Essay
Likely Areas of Focus for 2025 WAEC GCE Economics (Obj/Essay)
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The concept of scarcity, choice, and scale of preference
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Demand and supply (laws, curves, determinants, elasticity)
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Theory of production and factors of production
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National income accounting (GDP, GNP, per capita income)
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Money, banking, and inflation
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Public finance (government revenue and expenditure)
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International trade and balance of payments
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Economic development and planning in developing countries
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Population studies and unemployment
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Current economic challenges in Nigeria and Africa
Tips to Pass WAEC GCE Economics (Obj/Essay)
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Master Key Definitions: Be precise; WAEC often tests candidates’ ability to state accurate definitions.
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Use Diagrams: Graphs for demand and supply, cost curves, and inflation trends earn extra marks.
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Revise Past Questions: Many WAEC GCE Economics (Obj/Essay) questions are repeated in different formats.
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Improve Speed for Objective Paper: Practice shading answers quickly and correctly to avoid errors.
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Time Management: Spend around 25–30 minutes per essay question and leave time to review.
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Link Concepts to Real Life: Use Nigeria’s economic situation (e.g., unemployment, inflation, exchange rate issues) in your answers.
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Stay Updated: Current issues like subsidies, debt management, and economic policies are potential essay questions.
Why WAEC GCE Economics (Obj/Essay) is Important
Economics is not just a WAEC subject but also a foundation for higher studies in Business Administration, Banking and Finance, Political Science, Public Administration, and Development Studies. Performing well in the WAEC GCE Economics (Obj/Essay) paper can open doors to scholarships, university admissions, and professional opportunities.
It also builds critical life skills like financial literacy, resource management, and analytical thinking, which are useful in everyday decision-making.
Conclusion
The 2025 WAEC GCE (Nov/Dec) Economics (Obj/Essay) Examination, scheduled for Friday, 14th November, 2025, is an opportunity for private candidates to demonstrate their mastery of economic concepts and apply them to real-world issues.
By studying past questions, practicing both essay and objective formats, mastering definitions, and using clear diagrams, candidates can score excellent marks. Remember, success in WAEC GCE Economics (Obj/Essay) comes from preparation, understanding key topics, and applying them logically in the exam hall.
Stay focused, study smart, and you can excel in Economics and build a strong foundation for your future academic and professional journey.