WAEC Economics Answers (Objective & Essay) 2026/2027

WAEC Economics Answers (Objective & Essay) 2026/2027:WAEC Economics examination consists of two main papers: Paper 1 (Objective) and Paper 2 (Essay). The syllabus generally covers foundational microeconomic and macroeconomic theories, economic systems, trade, and economic development. 

WAEC Economics Answers (Objective & Essay) 2026/2027

3a)
(PICK ANY ONE)
A scale of preference is important to an individual because it helps him or her to arrange wants in order of priority according to their importance. Since human wants are unlimited while resources are limited, a scale of preference enables an individual to make rational choices and allocate available resources efficiently. It also helps to avoid wasteful spending and ensures that the most urgent wants are satisfied first.

OR

A scale of preference is important to an individual because it helps to arrange wants in order of priority. Since resources are scarce and human wants are numerous, an individual cannot satisfy all wants at the same time. Therefore, a scale of preference helps in making choices among alternatives, enables the satisfaction of urgent wants before less urgent ones, promotes the efficient allocation of scarce resources, and helps to achieve maximum satisfaction from available resources.

OR

A scale of preference is important to an individual because it helps an individual to rank wants in order of importance. Since resources are limited and wants are unlimited, it enables the satisfaction of the most pressing wants first. It also assists in making rational decisions and choices among competing wants. It ensures efficient use of scarce resources and helps to avoid waste and unnecessary expenditure. As a result, the individual is able to make the best use of available resources

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