Comprehensive Review of WAEC 2017 Economics Questions and Answers

In this article, we provide a detailed walkthrough of the WAEC 2017 Economics question and answer session for Nigerian senior-secondary students. The focus keyword “WAEC 2017 Economics question and answer” appears here to set the context and will be naturally integrated throughout. We will examine the structure of the paper, highlight key questions, provide worked-answers, draw lessons on how to prepare, and summarise key take-aways. This guide will be useful for revision, teaching, or self-study.

Overview of the WAEC 2017 Economics Paper

Exam structure

According to available resources, the West African Examinations Council (WAEC) Economics paper for 2017 consisted of two parts: Paper 1 (objective/multiple‐choice) and Paper 2 (essay/data‐response). On one platform you’ll find:

“Paper 1 will consist of fifty multiple-choice questions … Paper 2 will consist of eight essay-type questions in two sections: Section A and B.”
Another site confirms that Paper 2 had two data-response questions (Section A) and candidates choose one from that plus any three from Section B.

What kinds of questions to expect

From past questions (for example via Myschool.ng) you’ll see objective items such as:

“Economics is regarded as a science because?”
“The opportunity cost of a worker going to the university is …”
In the essay/data‐response section there are questions requiring calculation of elasticity, demand/supply schedules, definitions of factors of production, etc.
Thus, the WAEC 2017 Economics question and answer set covers both theory and applied numerical work.

Sample Questions and Model Answers

In this section, we highlight several representative questions from the 2017 paper, along with model-answers (not guaranteed official mark scheme, but based on cited sources).

Multiple-choice samples

Here are some objective items and the correct choice:

“Which of the following items is not an example of circulating capital?”
A. raw material B. money C. fuel D. machinery.
From the resource, the correct answer is D (machinery) because machinery is fixed capital, not circulating.
“If the coefficient of cross elasticity of demand for goods Y and Z is positive, the two goods are …?”
A. complements B. substitutes C. luxurious D. inferior.
Correct answer: B (substitutes) because positive cross‐elasticity implies when price of Y goes up, demand for Z goes up.
“Which of the following can be added to a firm’s profit to obtain total revenue?”
A. Total variable cost B. Total fixed cost C. Marginal cost D. Total cost.
Correct answer as given: C (Marginal cost) in that particular MCQ listing.

Essay/data-response samples

Example 1: Price elasticity of demand
Question: A dealer in deep freezers increased the price from $450 to $500 and sales dropped from 800 units to 600 units per week. (i) Calculate the price elasticity of demand (ii) What type of elasticity? (iii) Calculate total revenue before and after and effect on revenue.
Model answer:

% change in demand = (800 – 600)/800 ×100% = 200/800 ×100% = 25%
% change in price = (500 – 450)/450 ×100% = 50/450 ×100% ≈ 11.11%
Price elasticity eₚ = (% change in demand) / (% change in price) = 25% / 11.11% ≈ 2.25 → so demand is elastic (>1).
Total revenue before = 450 × 800 = $360,000
Total revenue after = 500 × 600 = $300,000
Revenue fell by $60,000 → hence, when demand is elastic, a price increase led to revenue drop.
Example 2: Supply & demand schedules
Question: Qd = 30 – p; Qs = 15 + 2p. Tabulate Qd and Qs at prices $2, $4, $7. Determine equilibrium price and quantity; find excess demand at fixed price $3.
Model answer: (see table)
| Price ($) | Qd = 30–p | Qs = 15+2p |
|———–|————|————-|
| 2 | 28 | 19 |
| 4 | 26 | 23 |
| 7 | 23 | 29 |
Equilibrium: Set Qd = Qs → 30 – p = 15 + 2p → 30 – 15 = 3p → p = $5. Then Q = 30 – 5 = 25 units.
At fixed price $3: Qd = 30 – 3 = 27; Qs = 15 + 2(3) = 21 → Excess demand = 27 – 21 = 6 units.

How to Use the WAEC 2017 Economics Questions for Revision

Analyse the question pattern

From the structures observed: objective (Paper 1) + essay/data-response (Paper 2) appear. Key topics repeatedly appear: definitions, features of economic concepts (factors of production, development), demand & supply analysis, elasticity, revenue, market structures. Example sources:
Knowing this pattern helps you allocate study time e.g., have concise definitions, master diagrams & calculations.

Practice calculation and diagrams

Several questions involve computation (elasticity, revenue, equilibrium) and tabulations. For example, the deep-freezer price-sales question. Students should practice this type of numerical work until comfortable. Also, diagrammatic questions (though not shown here) are likely given the nature of economics examinations. Use past papers.

Strengthen conceptual/theory base

Many questions ask for definitions, features, contributions, etc. For example, what is land, or why is economics regarded as a science. A sound theoretical understanding ensures you can answer such items succinctly and correctly.

Manage time and question choice

In Paper 2, candidates often choose answered questions. Ensure you understand both data-response and theory essays. Practice under timed conditions: allocate perhaps 30–40 minutes per long question. The earlier 2017 paper had students choosing one from Section A and any three from Section B.

Use past questions with answers

Access to past questions and answer keys is valuable. For example, the websites Myschool.ng provide 2017 Economics past questions. Another site provides answers. Use them to test yourself, then check your answers against reliable mark schemes or teacher-provided model answers.

Key Topics Frequent in WAEC 2017 Economics

Here are topics which the 2017 question set emphasised, and which students should prioritise:

Factors of production (land, labour, capital, entrepreneurship)

Example: The question on land as a factor (definition, features, contributions).

Demand & supply analysis

Equilibrium price/quantity, excess demand/supply, shifts in curves, schedules.

Elasticity of demand (price, cross, etc) and revenue analysis

Example: Calculating price elasticity and linking to total revenue.

Market structures and competition

Items like perfect competition, monopoly, features of markets appear in objective questions.

Macroeconomic concepts: inflation, economic growth & development

Though less detailed in our sources, the past paper references these.

Use of numerical tabulation and calculation

Calculations as above; also interpreting demand/supply functions.

Model Answer Walk-through: Deep Dive

Let’s deep-dive into the “deep-freezer” question as an exemplar of how a full answer might look in an exam script.

Question recap: A dealer increased price from $450 → $500; sales dropped from 800 → 600 units per week.
Part (a)(i): Calculate price elasticity of demand.
Answer script:

Original quantity Q₀ = 800; new quantity Q₁ = 600.
Original price P₀ = $450; new price P₁ = $500.
% change in quantity demanded = (Q₁ – Q₀)/Q₀ ×100% = (600 – 800)/800 ×100% = (–200)/800 ×100% = –25% (i.e. a drop of 25%).
% change in price = (P₁ – P₀)/P₀ ×100% = (500 – 450)/450 ×100% ≈ 11.11%.
Price elasticity of demand, eₚ = (% change in quantity) / (% change in price) = (–25%) / (11.11%) ≈ –2.25 → commonly reported as 2.25 (magnitude).
Part (a)(ii): What type of elasticity?
Since |eₚ| > 1 (2.25 > 1), demand is elastic. That means the quantity demanded responds more than proportionately to price change.
Part (b)(i): Total revenue before and after.
TR₀ = P₀ × Q₀ = 450 × 800 = $360,000.
TR₁ = P₁ × Q₁ = 500 × 600 = $300,000.
Part (b)(ii): Change in revenue & effect.
Change = 360,000 – 300,000 = $60,000 drop. Therefore, when demand is elastic, a price increase led to a fall in total revenue, which is consistent with economic theory.

Best Preparation Practices for Future Candidates

Here are actionable tips for students preparing for the Economics exam based on the 2017 model:

Start early: Begin revision several weeks before the exam, covering both theory and calculations.
Use past questions like the 2017 set to familiarise yourself with the question style. For example, you can download the PDF of the multiple choice paper.
Memorise key definitions & features of concepts such as factors of production, market structures, elasticity types.
Practice numerical questions: elasticity, revenue, equilibrium, supply/demand schedules.
Use diagrams: although not shown in all examples, diagrams often support answers in the essay part (e.g., shifts in demand/supply).
Write structured answers: For essay parts, ensure definitions, features, and contributions are clearly laid out in paragraphs.
Time-management: In the exam, allocate time per question. For example, in Paper 2 (2 hours for 80 marks) you might spend ~30 minutes per question if doing four questions.
Revise thoroughly the syllabus: Topics that appear regularly (as above) should be given priority.
Check mark schemes or model answers: Use credible websites to verify your answers and learn from mistakes.

Why the WAEC 2017 Economics Question Set Matters

It provides a real exam standard: by working through the 2017 questions you see the level of complexity and format of actual exams.
It helps you identify recurring topics: Many questions appear every year in some form (elasticity, demand/supply, factors of production).
It allows you to benchmark your performance: Trying past questions under timed conditions gives you a sense of your readiness.
It builds confidence: Knowing you’ve seen and answered real-past questions reduces exam anxiety.

What’s available

The past questions and answers for WAEC 2017 Economics (Paper 1 and Paper 2) are available on multiple educational websites. For example: the objective (multiple‐choice) part is listed on sites like Myschool.ng.
Model answers and worked solutions to some of the 2017 questions (especially calculations, data‐response questions) are also posted on sites like KofaStudy and AcademyHint.
A summary commentary on the 2017 Economics Paper 2 is available from WAEC’s own (or affiliated) source.
Collections of past questions for multiple years (including 2017) are being maintained on free download sites.

What isn’t new / changed

There is no new version of the 2017 paper (it remains the 2017 edition) so no new “update” in terms of the questions or answers themselves.
No official revision or amendment to the 2017 questions/answers has been announced (at least nothing publicly visible).
The format and structure of the 2017 paper remains as previously: two papers (Objective and Essay/Data-Response).

What to keep in mind

Even though there are no new updates, using the 2017 paper is still valuable for exam preparation (as I outlined earlier).
Be sure to use authoritative sources for answers (some free sites might have errors).
Remember that the exam format may evolve over time, so while 2017 is good practice, also check more recent years for any changes in question style or syllabus coverage.
Always verify that the material you’re downloading is legitimate (free of copyright issues) and accurate.

Conclusion

The WAEC 2017 Economics question and answer set offers a valuable resource for students preparing for the Senior Secondary Certificate Examination. It blends objective and essay/data-response formats, covering key economics topics such as factors of production, demand & supply, elasticity, and revenue. By practising with the sample questions and model answers above, adopting structured revision strategies, and mastering both theory and calculations, you can enhance your performance significantly. Use the insights gained to guide your preparation for future exams.

Also Read: Can a 16-Year-Old Write WAEC?

FAQs

Q1. Are the answers provided here exactly the official WAEC mark scheme?
A1. No, the answers here are model answers based on credible resources and indicate how one might answer the questions. The official WAEC mark scheme may differ slightly in wording or allocation of marks.

Q2. Where can I download the full WAEC 2017 Economics past questions and answers?
A2. You can access past questions via sites such as Myschool.ng (for the 2017 paper) or the scribd upload of the multiple choice paper. Answers and model solutions may be found on websites like EduPadi or AcademyHint.
Ensure you respect copyright and use the materials for personal study.

Q3. How many times should I practise past questions like 2017 to be well-prepared?
A3. There’s no fixed number, but a good strategy: practise at least 3–5 full past papers (including 2017) under timed conditions, then revisit problems you got wrong and aim to reduce errors. Also incorporate mixed topic quizzes for better coverage.