Exam Update

WAEC GCE Economics 2023: 5 Steps to Excelling

So it’s that time of the year again,huh? When you start thinking about registering for the West African Examinations Council (WAEC) General Certificate of Education (GCE) exams. As an economics student, the thought of sitting for that dreaded economics paper in a few months probably sends shivers down your spine. You’ve heard the horror stories of how difficult the WAEC GCE economics questions can be and how many students end up failing the subject.

Well, don’t panic just yet. With the right amount of preparation and studying, you can tackle any economics question WAEC throws at you and come out with flying colors. All you need to do is follow these 5 simple steps to excelling in your WAEC GCE Economics exam.

Understand the WAEC GCE Economics Syllabus and Exam Format

To ace the WAEC GCE Economics exam, you need to understand what to expect. The syllabus outlines the topics and content you’ll be tested on, so study it thoroughly. The exam format includes multiple-choice questions, short answer questions, and essay questions in two sections: Objective and Theory.

For the Objective section, review past papers to get familiar with the style and level of difficulty. Work through lots of multiple-choice questions from past exams and textbooks to strengthen your grasp of concepts and theories. Develop a systematic approach to tackling each question.

The Theory section contains short answer and essay questions. For short answers, provide concise but comprehensive responses, using examples where applicable. Essay questions require you to analyze economic issues or evaluate policies in depth. Develop outlines to organize your thoughts before writing. Support your key points with facts, statistics, graphs or case studies.

Practice writing essays within the specified time limits. Get feedback from teachers or tutors on how to improve. Their input can help you avoid common mistakes and earn higher marks.

With preparation and practice, you’ll gain the knowledge and skills needed to excel in WAEC GCE Economics. Put in the work, believe in yourself, and stay focused on exam day. You’ve got this! Now go show that exam who’s boss.

Practice Past WAEC GCE Economics Questions and Answers

To excel in WAEC GCE Economics, practicing past questions is key. Here are 5 steps to help you prepare:

1. Get the past papers

You’ll need access to past WAEC GCE Economics objective and theory question papers to practice. You can find them on WAEC’s official website or through various prep websites and apps. Go as far back as 2010 to get a good range of possible questions.

2. Focus on one paper at a time

Don’t feel overwhelmed by the number of past papers. Start with the most recent year and work your way back. Spend time understanding the questions, then review the answers and explanations to clarify any doubts. Move on to the next year’s paper only when you’re comfortable with the current one.

3. Practice multiple choice questions

The objective section contains 50 multiple choice questions worth 50 marks. Practice as many as you can from past papers to get familiar with the format and time yourself to build speed and confidence.

4.Tackle theory questions

The theory section contains essay questions worth 50 marks. Review questions from previous exams and practice outlining possible answers. Time yourself as you write to get used to the pacing. Ask a teacher or tutor to review and provide feedback on your answers.

5. Explain your answers

For the best preparation, don’t just read through the answers provided in the marking schemes. Explain the answers in your own words to strengthen your understanding. If there are any questions you struggle with, ask someone to walk you through the explanation. With regular practice, you’ll build mastery of the material and be ready to excel.

Master Key Economics Concepts and Theories

To excel in WAEC GCE Economics, you need to have a solid understanding of key economics concepts and theories. Focus your studying on the following:

Supply and Demand

The driving forces behind how prices are determined in a market. Know how the supply curve and demand curve interact to find the equilibrium price and quantity. Understand factors that can cause shifts in the curves and how that impacts the equilibrium.


How sensitive supply and demand are to changes in price or other factors. Be able to calculate price elasticity of demand and understand what makes demand elastic or inelastic. Know the factors that determine the elasticity of supply.

Production and Costs

How businesses turn inputs into outputs. Understand the various types of production functions and how the law of diminishing marginal returns applies. Know the differences between fixed and variable costs, and how total, average and marginal costs are calculated.

Market Structures

The characteristics of the four primary market structures – perfect competition, monopoly, oligopoly and monopolistic competition. Know how pricing and output decisions are made in each market type. Understand barriers to entry and how they impact the level of competition.

Macroeconomic Indicators

Metrics that measure the overall health of an economy. Know how gross domestic product (GDP), inflation, unemployment, and economic growth are calculated and how they interrelate. Understand fiscal and monetary policies governments use to influence macroeconomic outcomes.

Focusing your review on understanding these fundamental concepts will prepare you for whatever questions appear on the WAEC GCE Economics exam. Apply what you’ve learned to case studies and practice questions to reinforce your learning. You’ll build the knowledge and confidence needed to excel!

Develop Strong Analytical and Evaluation Skills

To excel in WAEC Economics, you need to develop strong analytical and evaluation skills. These skills will help you understand complex economic concepts and apply them to real-world situations.

Read Critically

Don’t just skim through your economics textbooks and notes. Read actively and critically, questioning what you read and analyzing arguments and evidence. Try summarizing key ideas in your own words to strengthen your understanding.

Practice Solving Problems

Apply what you’ve learned to solve practice problems from past WAEC exams. Think through problems step-by-step, using diagrams and examples to reason through difficult questions. Discuss problems with friends or form a study group to get different perspectives.

Evaluate Economic Arguments

Economics is not just facts and figures—it involves making arguments supported by evidence. As you study, evaluate the arguments and evidence presented. Consider alternative viewpoints and perspectives. Ask yourself questions like: Are there any assumptions being made? Is there contradictory evidence? Are there any flaws or weaknesses in the reasoning? Building these critical thinking skills will prepare you for the essay components of the WAEC exam.

Stay Up to Date with Current Events

Follow news reports on economic issues, policies, and indicators like unemployment rates, GDP, inflation, exchange rates, etc. See how current events relate to the economic principles and theories you’re learning. Discussing current affairs will make your learning more engaging and relevant.

Practice Past Questions

The best way to prepare for the WAEC Economics exam is to practice answering questions from previous years. Work through entire past papers to experience the format, style, and level of difficulty. Get guidance from an economics teacher to understand where you need to improve. With regular practice, past questions will become second nature.

Following these steps and dedicating enough time to deliberate practice can help you gain a firm grasp of economics and develop skills that will set you up for success in the WAEC GCE Economics exam. Stay determined and don’t lose hope! With hard work and persistence, you can achieve excellent results.

Manage Your Time and Remain Calm During the Exam

When it comes to the WAEC GCE Economics exam, time management and staying calm are key. Follow these steps to make the most of your time and keep your cool:

Review the exam format beforehand

Knowing what to expect will help you feel more at ease. The exam includes objective and essay questions, so review the rubrics to understand how you’ll be evaluated. Glance over past papers to get familiar with the style and format of questions.

Budget your time

Don’t spend too long on any one question. For the objective questions, guess if unsure and move on. For the essays, outline your responses first to avoid rambling. Leave time at the end to review and make any needed changes.

Take deep breaths to relieve anxiety

Feeling stressed can cloud your thinking. Take deep, slow breaths before and during the exam to lower your anxiety and allow your mind to focus. Remind yourself you have prepared and will do great!

Read each question carefully

Rushing through the questions is a sure way to make mistakes or misunderstand what’s being asked. Read each question thoroughly before attempting to answer. Make sure you understand exactly what the question is asking.

Eliminate incorrect options first

For the objective sections, eliminate incorrect options first. This makes the correct choice more obvious and avoids confusion. Guessing and moving on from questions you’re unsure about will ensure you have enough time for all parts of the exam.

Following these time management and anxiety relief tips will set you up for success in your WAEC GCE Economics exam. Staying focused, managing your time wisely, and keeping calm will allow you to demonstrate your full knowledge and skills. You’ve got this! Now go in there and do your best.


So there you have it, your roadmap to acing WAEC GCE Economics 2023. Focus on understanding the concepts and theories, not just memorizing them. Practice past questions to familiarize yourself with the format and experience. Develop a strategic approach to tackling each question efficiently. Stay positive and believe in yourself – you’ve got this! Remember, while the examiners want to test your knowledge, they also want you to pass. Give it your best shot and you’ll do great. Now get studying and good luck! The key to success is already in your hands.

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