eZine · Nigerian exams
WAEC Economics: practice questions.
12 free questions with answers and explanations, plus the topics to revise.
Below are free WAEC Economics practice questions with answers and explanations. They are original eZine questions, written and reviewed by teachers in the style of the WAEC WASSCE; we do not publish past questions. eZine's published WAEC Economics bank holds 177 questions across 35 topics (counted 29 October 2026); the largest topics are Money, Economic Systems, Basic Economic Tools.
eZine's WAEC subject mock uses 50 questions in 60 minutes estimated. WAEC sets the objective paper's length per subject and publishes it in each subject's syllabus; eZine holds no WAEC paper figures yet, so this is a practice default.
WAEC Economics practice questions
Choose an option to check it, or open the answer. Each is an eZine practice question (original, teacher-reviewed).
Question 1 · Agriculture
Rearing of cattle, goats and poultry is the component of agriculture called
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Answer: A. livestock production
Animal rearing is livestock production. Crop production grows plants; forestry manages trees; fishery deals with fish.
eZine practice question (original, teacher-reviewed)
Question 2 · Capital Market
The market in which new shares are sold to investors for the first time is the
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Answer: D. primary market
New issues (e.g. an IPO) are sold in the primary market. Existing securities change hands in the secondary market; the money market handles short-term funds; the forex market handles currencies.
eZine practice question (original, teacher-reviewed)
Question 3 · Economic Systems
An economy in which production and distribution are decided mainly by custom and the practices of earlier generations is a
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Answer: A. traditional economy
Custom and tradition are the deciding force in a traditional economy. Capitalism uses the price system; socialism uses central planning; a mixed economy combines markets and government.
eZine practice question (original, teacher-reviewed)
Question 4 · International Trade
A demerit of international trade for Nigeria is that
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Answer: A. cheap imports can kill infant industries
Unrestricted cheap imports can kill infant industries. Wider markets, technology transfer and cooperation are merits.
eZine practice question (original, teacher-reviewed)
Question 5 · Capital Market
Which of the following is a capital market product?
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Answer: B. Federal Government bonds
Long-term FGN bonds are traded on the capital market. 91-day treasury bills, call money and short-term commercial papers are money-market instruments.
eZine practice question (original, teacher-reviewed)
Question 6 · Government Policy
Which of the following is an instrument of fiscal policy?
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Answer: D. Government expenditure
Fiscal policy uses spending, taxation and borrowing. The CRR, OMO and MPR are monetary policy instruments of the CBN.
eZine practice question (original, teacher-reviewed)
Question 7 · Population I
Which of the following helps to explain the high population density around Lagos?
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Answer: D. Concentration of jobs and industries
People concentrate where jobs, commerce and amenities are. Poor transport, desert conditions and lack of amenities discourage settlement.
eZine practice question (original, teacher-reviewed)
Question 8 · International Trade
Which of the following is an invisible export for Nigeria?
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Answer: B. Tourists from abroad paying for hotels in Calabar
Services sold to foreigners (tourism) are invisible exports. Cocoa and crude are visible exports; buying rice is a visible import.
eZine practice question (original, teacher-reviewed)
Question 9 · Theory of Production
Which of the following is an example of capital as a factor of production?
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Answer: D. A grinding machine
Capital is man-made wealth used for further production. A river is land (natural resource); a tailor is labour; profit is the reward of the entrepreneur, not a factor.
eZine practice question (original, teacher-reviewed)
Question 10 · Agriculture
The movement of young people from farming villages to cities in Nigeria affects agriculture by
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Answer: D. reducing the supply of farm labour
Rural–urban migration drains young labour from farms, leaving ageing farmers. It does not increase young farmers or soil fertility; reduced output tends to raise, not lower, urban food prices.
eZine practice question (original, teacher-reviewed)
Question 11 · Population I
A merit of a growing population to the Nigerian economy is that it
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Answer: C. provides a large market for goods and services
A larger population means a bigger domestic market and labour force. It increases, not reduces, pressure on amenities; a high birth rate raises the dependency ratio; income per head falls if output does not grow faster.
eZine practice question (original, teacher-reviewed)
Question 12 · National Income
The value-added method of measuring national income is used to avoid
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Answer: A. double counting
Summing value added at each stage avoids counting intermediate goods twice. Transfer payments are excluded under the income method; depreciation and inflation are separate adjustments.
eZine practice question (original, teacher-reviewed)
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Practise free on eZine →Topics in eZine's WAEC Economics practice bank
- Money (8)
- Economic Systems (7)
- Basic Economic Tools (6)
- Inflation and Deflation (6)
- Production (6)
- Savings (6)
- Unemployment (6)
- Agriculture (5)
- Balance of Payment (5)
- Basic Economic Problems (5)
- Budget and National Income (5)
- Business Organization (5)
- Capital Market (5)
- Concepts of Economics (5)
- Consumer Behavior (5)
- Contemporary Economic Reforms (5)
- Demand and Supply (5)
- Distributive Trade (5)
- Financial Institutions (5)
- Government Policy (5)
- Industry (5)
- International Trade (5)
- Market Structure (5)
- National Income (5)
Published questions per topic, counted 29 October 2026. eZine does not reproduce WAEC's own Economics syllabus here; check the official syllabus with your school or at the WAEC website.