If you’re preparing for the 2025 WAEC GCE Economics (Objective/Essay) Questions and Answers, this guide provides all the essential details.
You’ll find the 2025 WAEC GCE Economics Objective and Essay questions with answers, exam tips, and study resources to help you succeed.
We offer free answers for the WAEC GCE Economics OBJ & Essay exam, making it easy to access the solutions you need. Whether you are preparing for the November/December 2025 exams or need guidance on the exam format, this article will help you effectively.
You can also download the WAEC GCE Economics answers for offline study. These solutions are compiled to help you understand the questions and improve your performance in the exam.
Important Dates: The Economics 2 (Essay) exam will hold on Tuesday, 9th December 2025, from 9:30 AM to 10:45 AM, followed by the Economics 1 (Objective) exam from 10:45 AM to 11:45 AM. Exact schedules will be confirmed by WAEC
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2025 WAEC GCE Economics Objective (OBJ) Answers | Nov/Dec
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2025 WAEC GCE Economics Essay (Theory) Answers | Nov/Dec
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Read also: 2025 WAEC GCE Physics OBJ/Essay Questions and Answers – Free Download
GCE Economic Past Questions & Answers below:
2025 WAEC GCE Economics Essay Answers – Past Questions
1. Production, Distribution, and Consumption (Detailed)
(i) Production:
Production is the process of creating goods and services to satisfy human needs. It involves combining resources like labor, capital, land, and entrepreneurship to produce outputs, either as goods or services.
(ii) Distribution:
Distribution ensures goods and services reach consumers. It involves transportation, storage, and ownership transfer. Methods include wholesalers, retailers, and direct sales.
(iii) Consumption:
Consumption is the final stage where goods and services are used to satisfy needs and wants. It can be immediate or over time.
(iv) Feedback Loop:
Consumer demand influences future production, creating a continuous cycle of production, distribution, and consumption.
(v) Economic Growth & Sustainability:
An efficient cycle supports economic growth, resource optimization, and long-term sustainability.
2. Money Supply and Inflation
(i) Money Supply:
Total money in circulation including currency and deposits.
(ii) Quantity of Money:
More money in circulation can increase demand for goods and services, potentially raising inflation.
(iii) Velocity of Money:
Faster circulation increases spending frequency, which may lead to higher prices.
(iv) Volume of Goods & Services:
Higher supply with constant money can lower prices, reducing inflation.
3. Precautionary Money Balances
Factors Influencing Precautionary Demand:
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Income Level: Higher income → more money held for emergencies.
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Future Income Uncertainty: Uncertain income → larger balances.
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Risk Aversion: Risk-averse individuals hold more money.
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Access to Credit: Limited borrowing → larger balances.
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Financial Volatility: Unstable markets → higher precautionary demand.
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Liquidity Preference: Preference for cash → more balances.
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Life-cycle Stage: Retirement → higher balances.
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Household Composition: Larger households → more money needed.
4. Commercial Policy
Definition: Government measures regulating trade and capital flow with other countries.
Strategies:
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Tariffs: Increase cost of imports → reduce import volume.
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Quotas: Limit quantity of imports → improve trade balance.
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Subsidies: Support domestic producers → boost competitiveness.
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Exchange Rate Adjustments: Devalue currency → cheaper exports, expensive imports.
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Export Promotion: Tax incentives → increase exports.
Benefits of Free Trade:
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Efficiency & specialization
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Wider consumer choice
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Lower prices
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Access to global markets
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Innovation stimulation
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Economic growth
5. Renewable Resources & Land
(i) Renewable Resources:
Resources like solar, wind, and hydro can be replenished naturally. Benefits include sustainable energy, job creation, environmental protection, lower energy costs, and economic diversification.
(ii) Land Use:
Land is critical for raw materials, agriculture, employment, infrastructure, revenue generation, and capital formation.
6. Visual Aids / Diagrams
7. How to Access Full Answers
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Register with your name and email.
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8. Recommended Study Tips
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Review past exam questions carefully.
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Understand key economic terms and concepts.
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Practice applying theory to real-world examples.
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Take note of diagrams and charts; they often appear in exams.
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Focus on both Objective and Essay sections equally.
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FAQs (Frequently Asked Questions)
Q1: When will the 2025 WAEC GCE Economics exam take place?
A1: The Economics 2 (Essay) exam will hold on Friday, 12th December 2025, from 9:30 AM to 10:45 AM, followed by the Economics 1 (Objective) exam from 10:45 AM to 11:45 AM. Exact schedules are confirmed by WAEC.
Q2: Who can access the 2025 WAEC GCE Economics questions and answers?
A2: Private candidates preparing for the WAEC GCE Nov/Dec 2nd Series 2025 can access these free questions and answers.
Q3: Are the Economics answers free?
A3: Yes, the answers are provided completely free to help candidates prepare effectively for both Objective and Essay sections.
Q4: How do I get the full answers for Economics?
A4: Join our VIP WhatsApp group here or our Telegram channel to get instant access to full answers.
Q5: Can I download the Economics answers for offline study?
A5: Yes, the WAEC GCE Economics answers can be downloaded for offline access, allowing easy revision anytime.
Q6: Do these resources promote exam malpractice?
A6: No. These resources are strictly for educational purposes to help you understand and practice Economics concepts effectively.
Q7: What sections are covered in the Economics answers?
A7: The answers cover both Objective (Multiple Choice) and Essay (Theory) questions, including explanations, diagrams, and tips for better understanding.
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DISCLAIMER: This service is provided for educational purposes only. We do not promote or encourage exam malpractice. Stay focused, and ace your 2025 WAEC GCE Economics exam!
