The WAEC GCE Jan/Feb Economics 2026 First Series examination is designed to test a candidate’s understanding of economic principles, real-world applications, logical reasoning, and data interpretation, Beyond being an exam subject, Economics is a gateway to high-demand careers in finance, banking, accounting, business administration, data analysis, public policy, and international relations.
Whether you are a private candidate, a working professional rewriting WAEC GCE First Series Jan/Feb Economics 2026, or a student targeting competitive admissions, this well written guide will help you prepare strategically and score high, lets dive in.
In this article, you will understand the Following points below:
WAEC GCE Economics exam structure (Objective & Essay)
Frequently tested topics and question patterns
Past questions with clear answers
Smart study strategies used by top scorers
FAQs candidates search for before the Jan/Feb exam
WAEC GCE Economics
Overview of WAEC GCE Jan/Feb Economics 2026
Check the below information about the WAEC GCE Jan/Feb Economics 2026 First Series
Subject: Economics
Exam Type: Objective & Essay
Exam Series: WAEC GCE First Series (Jan/Feb) 2026
Candidate Category: Private / External candidates
Timetable:
Thursday, 12 February 2026
PC2032 – Economics 2 (Essay)
Duration: 2 hrs
Time: 9:30am to 11:30am
PC2031 – Economics 1 (Objective)
Duration: 1 hr
Economics is required or highly recommended for candidates pursuing:
Accounting
Banking & Finance
Business Administration
Economics
Political Science
International Relations
Marketing & Entrepreneurship
Education (Social Sciences)
A strong grade in Economics improves aggregate scores and boosts eligibility for competitive university programs and scholarships. Therefore ensure you study hard to have a good Result.
WAEC GCE Economics 2026 Exam Structure Explained
It is widely known that the WAEC GCE First Series Jan/Feb Economics 2026 is divided into two sections, the Objective and Theory sections Respectively.
Paper 1: Economics Objective Test
50 multiple-choice questions
Covers the full syllabus
Tests:
Definitions
Economic laws
Diagrams and calculations
Interpretation of data
Time: 1 hour
- Has options lettered A-D
Paper 2: Economics Essay (Theory)
Here Candidates are expected to give deep interpretation of their Answers that are provided to the Theory Questions, Examiners requires good points from each answer provided by the Students, which must be clear and concise.
Candidates answer a required number of questions
Includes:
Structured explanations
Essay-style discussion
Simple calculations and diagrams
Focuses on clarity, accuracy, and real-world relevance
Important: WAEC GCE Economics Examiners awards marks for clear explanation and correct economic reasoning, not lengthy storytelling.
Core Topics Frequently Tested in WAEC GCE Economics
Based on WAEC GCE First Series Jan/Feb Economics Objective and Theory trends, the following topics appear almost every year, Candidates are advised to read through these frequently repeated Topics, which are as follows:
Basic economic concepts (scarcity, choice, opportunity cost)
Demand and supply analysis
Elasticity of demand and supply
Production and costs
Market structures (perfect competition, monopoly, oligopoly)
National income
Inflation and unemployment
Money, banking, and financial institutions
International trade
Economic development and growth
Candidates who master these topics gain a strong advantage in both Objective and Essay papers.
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WAEC GCE Jan/Feb Economics 2026 Objective Questions & Answers (Sample)
Sample Objective Questions
1. Economics is best defined as the study of:
A. Wealth
B. Scarcity and choice ✅
C. Money and banking
D. Production only
2. The law of demand states that:
A. Price and quantity demanded move in the same direction
B. Demand is constant
C. Price and quantity demanded move in opposite directions ✅
D. Demand depends only on income
3. Which of the following is a function of money?
A. Medium of exchange ✅
B. Medium of production
C. Medium of control
D. Medium of planning
4. Inflation refers to:
A. A fall in general price level
B. A rise in general price level over time ✅
C. Increase in wages only
D. Decrease in money supply
5. A firm operating under perfect competition is a:
A. Price maker
B. Price leader
C. Price taker ✅
D. Monopoly
Exam Insight: Objective questions are highly repetitive. Regular practice improves speed, confidence, and accuracy.
WAEC GCE Jan/Feb Economics Essay Questions & Answers (Sample)
Essay Question 1
Define opportunity cost and explain its importance in economic decision-making.
Model Answer:
Opportunity cost refers to the value of the next best alternative forgone when a choice is made. It is important because resources are scarce, and individuals, firms, and governments must choose how best to allocate them. Understanding opportunity cost helps economic agents make rational decisions and maximize benefits.
Essay Question 2
Explain three factors that can cause a change in demand for a commodity.
Model Answer:
Change in consumer income: An increase in income can increase demand for normal goods.
Change in prices of related goods: A rise in the price of substitutes increases demand.
Change in consumer taste: Favorable taste increases demand for a product.
Essay Question 3
Discuss three measures government can use to control inflation.
Model Answer:
Monetary policy: Reducing money supply through higher interest rates.
Fiscal policy: Reducing government spending or increasing taxes.
Price control: Regulating prices of essential goods.
Simple Economics Calculations (WAEC Style)
If demand increases while supply remains constant, what happens to price?
Answer:
Price increases due to excess demand in the market.
Calculate price elasticity of demand if quantity demanded falls from 50 to 40 units when price rises from ₦100 to ₦120.
Percentage change in quantity = (10/50) × 100 = 20%
Percentage change in price = (20/100) × 100 = 20%
Elasticity = 20% ÷ 20% = 1 (unitary elasticity)
You can Download a the Pat question PDF WAEC_GCE_Economics_Practice_Past_Questions_Jan_Feb_2026
Smart Strategies to Score High in WAEC GCE Economics 2026
High-performing candidates typically:
Understand concepts instead of memorizing definitions
Practice diagrams and label them correctly
Use simple language in essay answers
Support answers with real-life examples
Manage time effectively during the exam
Combine self-study with online exam prep platforms or private tutors
It will Interest you to know that many candidates now leverage digital economics courses, past-question apps, and scholarship-focused study guides to improve performance. Study has shown that this method has increasingly helped them score high in their Exams.
Common Mistakes Candidates Should Avoid
Writing long stories instead of direct answers
Mixing up economic terms
Poor time management
Skipping calculations
Avoiding these errors can significantly boost your final score.
Frequently Asked Questions (FAQs)
Is Economics compulsory in WAEC GCE?
Economics is compulsory or highly recommended for most social science and business-related courses.
Is WAEC GCE Economics harder than May/June?
The syllabus is the same, but GCE questions often require clearer explanations and faster thinking. You can visit http://myschool.ng for CBT Practice.
Can I pass Economics without a tutor?
Yes, but structured guidance improves understanding and exam confidence.
How many years of past questions should I study?
At least 10–15 years for full familiarity with question patterns.
Are diagrams compulsory?
Yes, when required. Correctly drawn and labeled diagrams attract marks.
Final Thoughts/Conclusion
The WAEC GCE Jan/Feb Economics 2026 First Series exam is more than an academic hurdle, it is a foundation for future careers in finance, business, policy, and entrepreneurship. With proper preparation, quality resources, and smart exam techniques, scoring high in WAEC GCE First Series Jan/Feb Economics 2026 is achievable for any committed candidate.
Economics rewards clear thinking, real-world understanding, and logical explanation, not guesswork. Visit the Official WAEC Website https://www.waeconline.org.ng/ for more Information
