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Economics 1 – Objective Test Questions
Economics 2 – Essay or Theory
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Table of Contents
- 1 WAEC Economics Objective Questions and Answers
- 2 Questions on Market Structure in Economics WAEC
- 3 WASSCE Economics Questions on Population
- 4 Past Economics WAEC Question Theory
- 5 WASSCE Economics Essay Questions
- 6 Free Economics WASSCE Past Questions PDF Download
- 7 How to Get WAEC Past Questions on Economics
WAEC Economics Objective Questions and Answers
1. The study of economics is important to every society because it
A. enables individuals to satisfy all their wants.
B. helps in the utilization of scarce resources.
C. helps producers to know what to produce.
D. restores equilibrium between producers and consumers.
2. A consumer with $ 10 needs a dress, a pair of shoes, a handbag and jewellery costing $20, $10, $7 and $3 respectively. The opportunity cost of buying the pair of shoes is the
C. handbag and jewellery.
D. dress and jewellery.
3. The distinguishing function of an entrepreneur is
4. When a commodity market operates without government interference, commodities are distributed through
A. government distribution agencies.
B. the operation of price mechanism.
C. a central planning committee.
D. retailers only.
5. One way of obtaining the median of a given data is to
A. sum the value and divide by the number of items.
B. arrange the data in ascending order and subtract each item from the mean.
C. arrange the data in descending order and add each item to the least.
D. arrange the data in either ascending or descending order and find what item divides the set in two equal parts.
6. An increase in rice harvest, all things being equal, may cause
A. price to increase substantially.
B. price to fall substantially.
C. demand to fall substantially.
D. farmer’s incomes to be more than doubled.
7. The demand for wood and labour is an example of
A. effective demand.
B. complementary demand.
C. derived demand.
D. competitive demand.
8. What will be the reaction of consumers in a market if there is a fall in the price of the substitute of commodity X?
A. Price of commodity X will increase
B. Demand for the substitute of commodity X will decrease
C. Demand for commodity X will decrease
D. Supply of both commodity X and its substitute will increase
Questions on Market Structure in Economics WAEC
9. An increase in market supply is caused by the following factors except
A. an improvement in innovation and technology.
B. an increase in the price of the commodity.
C. a reduction in the cost of raw materials.
D. a favourable weather condition.
10. The coefficient of price elasticity of supply of land is usually
B. greater than one.
D. less than one.
11. The price of soap rose from $10 to $20, causing a trader to increase her supply from 50 to 120 boxes per week. This makes supply
A. unitary elastic.
B. perfectly inelastic.
C. fairly elastic.
12. A leftward shift in the supply curve for a commodity indicates
A. an increase in quantity supplied.
B. a decrease in supply.
C. a reduction in quantity supplied.
D. an increase in supply.
13. Market supply may increase if there is an increase in the
A. price of the product.
B. prices of factors of production.
C. tax paid on raw materials.
D. subsidies on raw materials.
14. Governments can increase farmers’ incomes by
A. fixing maximum prices.
B. fixing minimum prices.
C. encouraging them to produce surplus output.
D. increasing taxes on inputs.
15. When market supply increases, the equilibrium price
A. rises and quantity falls.
B. falls and quantity rises.
C. and quantity increase.
D. and quantity fall.
16. The supply of mangoes is represented as P = 0.3Q, where P is the price ($) and Q is the quantity.
What is P when Q is 50?
17. The output of an extra unit of an input is referred to as
A. output of the input.
B. marginal product of the input
C. average product of the input.
D. utility of the input employed.
18. The law of diminishing returns is applicable to the
A. fixed inputs of production.
B. variable factors of production.
C. plants and machinery of the firm.
D. equipment and other capital.
A firm incurred the following costs in production. Use the information in the table to answer questions 19 and 20.
|Output (bags of rice)||0||10||20||30||40||50||60|
|Total Cost ($)||100||200||300||380||440||520||600|
19. The fixed cost of production is
A. $ 100.
B. S 200.
20. The average cost of producing 40 bags of rice is
21. The relationship between the marginal revenue (MR) and the average revenue (AR) of a monopolist is that the marginal revenue curve
A. is above the average revenue curve.
B. slopes down to the right and is below the AR curve.
C. and the AR curve are downward sloping and are identical.
D. is vertical while the average revenue curve is horizontal.
22. A major source of finance to the Railway Corporation in West African countries is
A. sale of shares.
B. government subvention.
C. trade credit.
23. Separation of ownership of resources and their control is mostly found in a
A. sole proprietorship.
C. joint stock company.
D. consumer co-operative.
24. By-passing the middlemen in the chain of distribution can lead to
A. a problem of unemployment of labour.
B. the creation of artificial scarcity.
C. high prices of goods and services.
D. an increase in government tax revenue.
WASSCE Economics Questions on Population
25. Two factors which can improve the efficiency of labour are
A. population size and age of retirement.
B. school leaving age and number of disabled workers.
C. work environment and health status of workers.
D. school leaving age and number of part-time workers.
The age distribution of a country’s population is shown below. Use the information to answer questions 26 and 27.
|AGE GROUP (YEARS)||POPULATION|
|16 – 40||45 %|
|41 – 60||15 %|
26. What is the percentage of the working population?
27. What is the dependency ratio.
C. 1 : 2
D. 6: 1
28. The supply of land for agricultural purpose can be increased through
A. the introduction of mechanized fanning.
B. reclamation and irrigation.
C. increase in prices of land.
D. conversion of building sites to farmlands.
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Past Economics WAEC Question Theory
Answer four questions in all. One question only from A and any three questions from Section B.
You are reminded of the importance of clarity of expression and orderly presentation of relevant materials
All questions carry equal marks,
Answers one question only from this section.
1.Table 1 below shows the distribution of the population of a country in various occupations.
Study it and answer the questions that follow.
|Shoe production||30 million|
|Fish processing||19 million|
|Fish farming||10.8 million|
|Food crop production||15.6 million|
(a) Calculate the size of the entire labour force in the country. [3 marks]
(b) What percentage of the labour force is engaged in the:
(i) primary sector; [3 marks]
(ii) secondary sector; [3 marks]
(iii) tertiary sector? [3 marks]
(c) Calculate the ratio of the workers in mining to the workers in shoe production.[2 marks]
(d) Calculate the percentage of the people engaged in warehousing. [3 marks]
(e)(i) Identify the type of economy depicted in the table. [1 mark]
(ii) Give a reason for your answer in 1(e) (i) [2marks]
2.Table 2 below shows the unit prices and quantities of hats produced by a firm.
Study it and answer the questions that follow.
|Quantity||Unit Price ($)||Total Revenue ($)||Marginal Revenue ($)||Average Revenue ($)|
(a) Compute the values of U, V. W, X and Y. [10 marks]
(b) In what type of market is the firm operating? Explain your answer [3 marks]
(c) If the firm’s marginal cost is $60.00 at all levels of output, at what level of output will it in equilibrium? Explain your answer. [3 marks]
(d) If a total cost of $ 600.00 is incurred when 50 units of hats are produced, determine the margin of profit or loss made [3 marks]
(e) What is another name for marginal cost? [1 mark]
WASSCE Economics Essay Questions
Answer three questions only from this section
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Free Economics WASSCE Past Questions PDF Download
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Link 1: Past WASSCE Economics Questions Booklet
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