WAEC Economics 2019 past questions

Checked by the Skolra question team · Last updated 15 October 2026

Ten questions from the 2019 WAEC Economics paper, with answers and explanations. We hold 48 questions from this paper, and the Skolra app has all of them.

WAEC Economics 2019 questions and answers

1. 1.

   A point X inside the production possibility curve indicates that

   1. A
      Resources are fully employed and efficiently utilized
   2. B
      The economy is producing at maximum capacity for one good only
   3. C
      The economy has exceeded its productive capacity
   4. D
      Resources are unemployed or inefficiently utilized
      Correct
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   Answer: D

   The production possibility curve (PPC) represents all the maximum output combinations achievable when an economy uses all its resources fully and efficiently. A point inside the PPC indicates that the economy is not utilizing all available resources — some factors of production are either idle (unemployed) or being allocated inefficiently, leaving the economy below its productive frontier.

2. 2.

   Two commodities X and Y are in joint supply when

   1. A
      The production of one automatically leads to the production of the other
      Correct
   2. B
      They are produced separately by entirely different firms
   3. C
      A rise in the price of one causes a fall in the demand for the other
   4. D
      They compete directly for the same consumers
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   Answer: A

   Joint supply occurs when the production process of one commodity automatically and necessarily results in the production of another. Classic examples include beef and leather from cattle, or petroleum and natural gas extracted together. Increasing the output of one commodity in joint supply inevitably increases the output of the other.

3. 3.

   What effect will an increase in the supply of fish have on the meat market

   1. A
      The demand for meat will increase and its price will rise
   2. B
      The demand for meat will fall and its price will drop
      Correct
   3. C
      The price of meat will remain unchanged
   4. D
      The supply of meat will automatically increase
   Show answerHide answer

   Answer: B

   Fish and meat are substitute goods — they satisfy a similar need and can be consumed in place of each other. An increase in the supply of fish lowers the price of fish, making it relatively cheaper compared to meat. Consumers respond by substituting fish for meat, causing demand for meat to fall. This reduced demand leads to a fall in the price of meat.

4. 4.

   The use of interest rates to control the money supply is a

   1. A
      Incomes policy tool
   2. B
      Monetary policy tool
      Correct
   3. C
      Fiscal policy tool
   4. D
      Supply-side policy measure
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   Answer: B

   Monetary policy involves actions taken by a central bank to regulate the money supply, credit availability, and borrowing costs in an economy. Adjusting interest rates is one of the primary monetary policy instruments — raising rates contracts the money supply by making borrowing more expensive, while lowering rates expands it.

5. 5.

   Exploitation of forest resources becomes a major problem when

   1. A
      new tree species are introduced into the forest
   2. B
      the rate of felling exceeds the rate of regeneration
      Correct
   3. C
      the government establishes forest reserves
   4. D
      forest products are processed before export
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   Answer: B

   Forest exploitation becomes a serious environmental and economic problem when the rate of felling exceeds the rate of natural regeneration. When trees are harvested faster than they can regrow, the forest shrinks permanently, leading to deforestation, loss of biodiversity, soil erosion, and disruption of the water cycle.

6. 6.

   The total value of goods and services produced within the borders of a country is

   1. A
      Net Domestic Product
   2. B
      Gross Domestic Product
      Correct
   3. C
      Net National Product
   4. D
      Gross National Product
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   Answer: B

   Gross Domestic Product (GDP) measures the total monetary value of all finished goods and services produced within a country's geographical borders during a specific period, regardless of the nationality of the producers. Gross National Product, by contrast, includes output by a country's nationals wherever they are located.

7. 7.

   Agricultural productivity may be increased if

   1. A
      The existing land tenure system remains completely unchanged
   2. B
      Government reduces spending on rural infrastructure and extension services
   3. C
      Modern inputs such as fertilizers, irrigation, and improved seeds are adopted
      Correct
   4. D
      Farmers continue to rely exclusively on traditional farming methods
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   Answer: C

   The adoption of modern agricultural inputs — including chemical and organic fertilizers, irrigation systems, high-yielding seed varieties, and mechanized equipment — directly raises crop yields per unit of land and per unit of labour, thereby increasing overall agricultural productivity and food output.

8. 8.

   One measure for financing a country's balance of payments deficit is through

   1. A
      drawing down foreign exchange reserves
      Correct
   2. B
      cutting the central bank's reserve requirement
   3. C
      raising tariffs on all domestic exports
   4. D
      reducing personal income tax rates
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   Answer: A

   A balance of payments deficit means a country is spending more on foreign transactions than it is earning. One direct financing measure is drawing down foreign exchange reserves — the central bank releases previously accumulated reserves of foreign currencies to bridge the gap.

9. 9.

   Middlemen are made up of

   1. A
      Wholesalers and retailers
      Correct
   2. B
      Manufacturers and farmers
   3. C
      Producers and consumers
   4. D
      Exporters and importers
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   Answer: A

   Middlemen are intermediaries who facilitate the movement of goods from producers to final consumers without themselves producing the goods. They primarily consist of wholesalers, who purchase in bulk from producers and sell in smaller quantities to retailers, and retailers, who sell directly to end consumers.

10. 10.

    If less of a good is bought as one's income increases, such a good is

    1. A
       A normal good
    2. B
       A complementary good
    3. C
       A luxury good
    4. D
       An inferior good
       Correct
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    Answer: D

    An inferior good is one for which demand decreases as consumer income rises, giving it a negative income elasticity of demand. As people earn more, they tend to replace inferior goods with higher-quality alternatives. Common examples include low-grade staple foods that households substitute for better options when their purchasing power improves.

The questions come from past JAMB, WAEC and NECO papers. We use software to help write the answer options and explanations, and every answer is checked twice before it goes on the site. How we check

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Practise all 48 questions we hold from the 2019 paper, on a timed CBT screen

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