WAEC (WASSCE) Economics Past Questions and Answers (2026)

Answer: B

Scarcity in Economics refers to the fundamental economic problem of having seemingly unlimited human wants in a world of limited resources. Option B is correct because it accurately states that the resources needed to satisfy human wants are limited, which is the essence of scarcity. Option A is incorrect because it focuses on producers rather than the broader concept of human wants. Option C is misleading as it suggests that resources are only scarce for consumers, ignoring the overall scarcity issue. Option D contradicts the definition of scarcity by stating that essential wants are unlimited. Option E suggests that rational behavior can manage scarcity, but it does not address the inherent limitation of resources themselves.

Answer: D

The correct answer is D, Demand schedule, because it specifically refers to a table that lists the prices of a commodity alongside the quantities demanded at those prices. Option A, Time series, refers to data points indexed in time order, which does not specifically relate to demand. Option B, Demand series, is not a standard term in economics. Option C, Demand curve, represents the graphical representation of the relationship between price and quantity demanded, but it is not a table. Option E, Time schedule, is unrelated to demand and pricing.

Answer: D

The greatest disadvantage of a barter system is the need for a double coincidence of wants, which means that for a trade to occur, both parties must want what the other has to offer. This complicates transactions significantly compared to a monetary system where money serves as a medium of exchange. Option A (Durability) is not a primary concern in barter, as goods can vary in durability. Option B (Divisibility) is less relevant because goods can often be divided, but it does not address the fundamental issue of matching wants. Option C (Homogeneity) is not a disadvantage in barter, as the uniqueness of goods can be beneficial. Option E (Portability) is also not a major issue, as many barterable goods can be transported, but it does not address the core problem of needing mutual wants.

Answer: C

Creeping inflation refers to a situation where prices rise steadily at a low rate, typically around 2% per annum. This is in contrast to galloping inflation, which is much higher and more volatile, induced inflation which is caused by specific factors, suppressed inflation which is artificially kept low, and run-away inflation which is extremely high and uncontrollable. Therefore, option C is the correct answer as it accurately describes the scenario presented.

Answer: D

The correct answer is D because it accurately describes a market as an arrangement where buyers and sellers are in close contact, facilitating exchanges. Option A is partially correct but too narrow, as it implies a physical location rather than the broader concept of market interactions. Option B is incorrect because it suggests an agreement rather than the dynamic interaction that defines a market. Option C is also incorrect as it focuses solely on producers and neglects the essential role of buyers. Option E is misleading because it limits the definition of a market to consumer goods only, ignoring other types of goods and services exchanged.

Answer: A

The money supply at any given point in time includes all forms of money available in an economy, which encompasses bank notes, coins, and demand deposits (Option A). Option B is incorrect because it excludes demand deposits, which are a crucial part of the money supply. Option C is misleading as 'minted money' does not account for demand deposits. Option D, 'hoarded money', refers to money that is not circulating in the economy and thus does not represent the money supply. Option E, 'money received as gifts', is not a category of money supply but rather a transaction type.

Answer: E

A Joint Stock Company can raise finance through various means such as bank loans (A), equity shares (B), debentures (C), and preference shares (D). These are all recognized methods of financing that allow the company to gather capital from investors or lenders. However, cooperative thrift (E) is not a source of finance for a Joint Stock Company; it typically refers to savings and loan associations that operate on a cooperative basis, which does not apply to the financing structure of a Joint Stock Company.

Answer: B

Data presented in tables are typically organized in rows and columns to facilitate easy reading and analysis. Option A is incorrect because while charts and tables can display data, they are not the specific arrangement of data in a table. Option C is incorrect as graphs do not represent data in rows and columns. Option D is incorrect because pictograms and columns do not represent the standard format for tables. Option E is incorrect as maps and pie charts are different forms of data representation and do not conform to the structure of tables.

Answer: E

Money serves several key functions: A. 'store of values' means money can hold value over time; B. 'unit of accounts' indicates that money provides a standard numerical unit of measurement; C. 'measures of value' refers to how money can express the worth of goods and services; D. 'standard for deferred payment' means money can be used to settle debts in the future. However, E. 'stability in value' is not a function of money itself, but rather a characteristic that can vary based on economic conditions.

Answer: E

The correct answer is E, the Depreciation method, because it is not a method used to calculate national income figures. The output method, income method, expenditure method, and value added method are all valid approaches to measuring national income. The output method calculates total production, the income method sums all incomes earned, the expenditure method totals all spending, and the value added method measures the value added at each stage of production. Depreciation, while important for understanding asset value over time, does not directly contribute to the calculation of national income.

Answer: B

The correct term for the group of exports listed (tractor, televisions, components, drugs, and cars) is 'Visible exports' because these are tangible goods that can be physically seen and measured. 'Current account items' (Option A) refers to a broader category that includes both visible and invisible exports, but does not specifically identify the tangible nature of the items listed. 'Capital account items' (Option C) pertains to financial transactions and investments, not goods. 'Invisible exports' (Option D) refer to services rather than physical goods, and 'Visible imports' (Option E) would refer to goods brought into the country rather than those sent out. Therefore, Option B is the most accurate description of the exports listed.

Answer: A

The general price level reflects the average prices of goods and services in an economy, serving as a key indicator of the value of money. When the general price level rises, the purchasing power of money decreases, indicating its value has fallen. Option B, effective supply, refers to the amount of goods available in the market, which does not directly indicate money's value. Option C, the equilibrium price, is the price at which supply equals demand but does not represent the overall value of money. Option D, effective demand, pertains to consumers' willingness and ability to purchase goods, not the value of money itself. Option E, consumer income, influences purchasing power but is not a direct measure of money's value in the market.