WASSCE objective and essay past questions and answer (ECONOMICS 2022)
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Hi scholar, I want to categorically tell you that one of the reason students fail is because they do not have
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It might be impossible for such student to pass because the student has not familiarize himself or herself
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compiled past questions and answers for Economics 2022.
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You can study the 50 (fifty) objectives, theory and essay WASSCE Economics past questions and answer for 2022 by checking
the content below or using the table of content below to navigate to the number of your choice
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Table of Contents
- WASSCE/WAEC Economics (2022) Questions and Answers 1 - 10
- WASSCE/WAEC Economics (2022) Questions and Answers 11 - 20
- WASSCE/WAEC Economics (2022) Questions and Answers 21 - 30
- WASSCE/WAEC Economics (2022) Questions and Answers 31 - 40
- WASSCE/WAEC Economics (2022) Questions and Answers 41 - 50
- Download WASSCE/WAEC pdf Economics (2022) Paper 2 (essay questions and answer 1 - 8)
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WASSCE/WAEC Economics (2022) Questions and Answers 1 - 10
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1. Scale of preference shows
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(a) Incomes of consumers in order of size
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(b) Utilities enjoyed by consumers
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(c) Opportunity cost of goods consumed
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(d) Consumers wants in order of priority
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The correct answer is: (d) Consumers wants in order of priority
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2. There is unemployment of resources when production is
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(a) Within the production possibility curve
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(b) Outside the production possibility curve
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(c) Along the production possibility curve
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(d) Adequate to meet market demand
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The correct answer is: (a) Within the production possibility curve
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3. A major characteristic of natural resources is that they
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(a) Are unlimited in supply
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(b) Have high cost of production
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(c) Are free gifts of nature
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(d) Do not command any price
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The correct answer is: (c) Are free gifts of nature
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4. A major disadvantage of a capitalist economy is that
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(a) Leads to low production of goods and services
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(b) Require large number of officials to operate
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(c) Considers individuals consumers' satisfaction
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(d) Worsens income inequality among the citizens
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The correct answer is: (d) Worsens income inequality among the citizens
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5. The mining sector of an economy contributes 60% to the Gross Domestic Product (GDP). If the GDP is 540 naira , what is the contribution of the mining sector?
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(a) 90.00 naira
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(b) 180.00 naira
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(c) 324.00 naira
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(d) 350.00 naira
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The correct answer is: (c) 324.00 naira
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6. The increase in the demand for a commodity may lead to a decrease in the demand for another if both are
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(a) In complementary demand
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(b) Of the same quality
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(c) In composite demand
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(d) In competitive demand
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The correct answer is: (d) In competitive demand
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7. The demand curve for goods of ostentation is usually
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(a) Negatively sloped
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(b) Positively sloped
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(c) Vertical
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(d) Horizontal
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The correct answer is: (b) Positively sloped
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8. Which of the following factors is not a cause of change in demand? changes in
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(a) taste and fashion
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(b) Income distribution
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(c) Price of the commodity
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(d) The size of the population
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The correct answer is: (b) Income distribution
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9. If the quantity demanded of a commodity increases from 20 units to 30 units when there is an increase in price from 4.00 naira to 5.00 naira the elasticity of demand is
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(a) 0.50
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(b) 0.65
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(c) 2.00
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(d) 2.50
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The correct answer is: (c) 2.00
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10. The supply curve of a locally-produced good may shift to the right if
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(a) There is an increase in taxes on inputs
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(b) Government increases subsidies
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(c) Rural-urban migration is encouraged
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(d) The price of the commodity increases
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The correct answer is: (b) Government increases subsidiesWASSCE/WAEC Economics (2022) Questions and Answers 11 - 20
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11. In perfectly elastic supply, the supply curve
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(a) Is vertical
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(b) Is horizontal
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(c) Slopes upward
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(d) Slopes downward
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The correct answer is: (b) Is horizontal
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12. An increase in the price of commodity X led to a fall in the supply of Commodity Y. Commodities X and Y are
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(a) Competitive goods
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(b) Composite goods
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(c) Jointly supplied
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(d) Derived goods
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The correct answer is: (c) Jointly supplied
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13. The production of rice and yam on the same farmland is an example of
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(a) Joint supply
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(b) Composite supply
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(c) Competitive supply
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(d) Market supply
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The correct answer is: (b) Composite supply
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14. A consumer of a single commodity is in equilibrium when
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(a) He can equate his demand with price
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(b) He equates marginal utility and price
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(c) He equates his marginal and total utilities
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(d) His marginal utility is equal to zero
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The correct answer is: (b) He equates marginal utility and price
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15. If the government imposes a minimum price on a commodity
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(a) Market surplus occurs
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(b) The market will be cleared in the short-run
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(c) Excess demand occurs
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(d) Government regulation is no longer needed
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The correct answer is: (c) Excess demand occurs
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16. A minimum price legislation is also called
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(a) Price ceiling
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(b) Price floor
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(c) Price control
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(d) Price mechanism
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The correct answer is: (a) Price ceiling
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17. Which of the following factors is not a cause of diminishing returns?
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(a) Increase in variable inputs
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(b) Land fragmentation
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(c) Constant technology
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(d) Technological innovations
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The correct answer is: (b) Land fragmentation
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18. In manufacturing, division of labour may be hindered by
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(a) Excessive demand for the product
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(b) Low level of technology
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(c) Excess supply of labour
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(d) Increase in the export of goods
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The correct answer is: (b) Low level of technology
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19. The production cost that varies inversely with output is the
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(a) Total fixed cost
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(b) Marginal cost
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(c) Average fixed cost
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(d) Average cost
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The correct answer is: (c) Average fixed cost
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20. A firm that closes down will still incur
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(a) Variable cost
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(b) Fixed cost
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(c) Total cost
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(d) Marginal cost
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The correct answer is: (b) Fixed cost
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WASSCE/WAEC Economics (2022) Questions and Answers 21 - 30
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21. The sufficient condition for a firm to be in equilibrium is that the
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(a) Firm must show that it is profitable
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(b) Marginal cost must be equal to average revenue
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(c) Marginal revenue curve is above the average revenue curve
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(d) Marginal cost curve cuts the marginal revenue curve from below
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The correct answer is: (d) Marginal cost curve cuts the marginal revenue curve from below
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22. Cooperative societies are formed mainly to
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(a) Assist producers to maximize their profits
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*(b) Encourage thrift and credit among members
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(c) Promote and maintain the welfare of members
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(d) Break the monopolies of private companies
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The correct answer is: (c) Promote and maintain the welfare of members
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23. A disadvantage of a joint-stock company is
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(a) Unlimited liability
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(b) Limited liability
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(c) Lack of continuity when a shareholder dies
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(d) Limited control in management by shareholders
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The correct answer is: (d) Limited control in management by shareholders
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24. The middleman is responsible for
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(a) Providing research facilities
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(b) Purchasing rraw materials
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(c) Designing the product
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(d) Breaking the bulk
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The correct answer is: (d) Breaking the bulk
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25. A major function of the retailer is to
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(a) Grant credit to the wholesaler
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(b) Break bulk and sell products in small units
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(c) Reduce cost of distribution
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(d) Generate demand for products through advertisement
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The correct answer is: (b) Break bulk and sell products in small units
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26. A positive effect of a rapid population increase is
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(a) An excessive budget deficit
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(b) A reduction in standard of living
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(c) A wider market for goods and services
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(d) A higer dependency ration
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The correct answer is: (c) A wider market for goods and services
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27. Which of the following factors may not affect the efficiency of labour?
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**(a) Education and training **
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(b) Provision of welfare services
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(c) Race and color of workforce
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(d) Quality of other factor inputs
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The correct answer is: (c) Race and color of workforce
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28. The type of unemployment found among workers who leave their jobs in search of other jobs is termed
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(a) Seasonal unemployment
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(b) Structural employment
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(c) Frictional unemployment
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(d) Cyclical unemployment
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The correct answer is: (c) Frictional unemployment
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29. The main objective of marketing boards is to
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(a) Accumulate revenue for government
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(b) Educate farmers on pricing of cash crops
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(c) Stabilize the incomes of cash crops farmers
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(d) Provide warehousing facilities
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The correct answer is: (d) Provide warehousing facilitie
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30. The use of mass advertising media will enable a firm to enjoy
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(a) Managerial economies
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(b) Financial economies
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(c) Marketing economies
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(d) Welfare economies
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The correct answer is: (c) Marketing economies
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WASSCE/WAEC Economics (2022) Questions and Answers 31 - 40
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31. Which of the following industries will add more value to primary products?
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(a) Service industry
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(b) Construction industry
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(c) Mining industry
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(d) Processing industry
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The correct answer is: (d) Processing industry
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32. Gross National Product (GDP) less the provision for the wear and tear of assets is the
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(a) Net present value
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(b) Net national product
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(c) The amount paid to a worker on transfer
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(d) Transfer of funds from one bank to another
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The correct answer is: (b) Net national product
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33. An example of transfer payments in national income accounting is
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(a) Money transferred to another country
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(b) Unemployment allowance paid to the citizens
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(c) The amount paid to a worker on transfer
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(d) Transfer of funds from one bank to another
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The correct answer is: (b) Unemployment allowance paid to the citizens
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34. Increasing national income without effective control of population size in a country can lead to
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(a) Higher per capita income
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(b) Increase in poverty
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(c) Increased outflow of aid
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(d) Underutilization of resources
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The correct answer is: (b) Increase in poverty
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35. An example of commodity money is
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(a) Currency note
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(b) Mobile money
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(c) Cheques
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(d) Silver
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The correct answer is: (d) Silver
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36. If inflation is anticipated, people may
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(a) Save more money
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(b) Spend more money
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(c) Give out more loans
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(d) Spend less money
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The correct answer is: (b) Spend more money
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37. If the central bank increase its bank rate
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(a) Many banks will shut down their operations
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(b) Customers will borrow more from banks
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(c) The supply of money maybe reduced
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(d) Interest charges by banks will fall
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The correct answer is: (c) The supply of money maybe reduced
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38. Commercial banks are different from development banks in that the latter
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(a) Lend on short-term basis
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(b) Pay interest on current account only
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(c) Are mostly joint stock company
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(d) Do not deal in foreign currencies
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The correct answer is: (b) Pay interest on current account only
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39. The use of the bank rate, cash ratio and open market operations constitute
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(a) Fiscal policy
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(b) Monetary policy
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(c) Import policy
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(d) Export policy
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The correct answer is: (b) Monetary policy
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40. Fiscal policy measures imply a change in
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(a) Only taxation to control aggregate demand
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(b) Bank rates to influence lending
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(c) Only government expediture to regulate an economy
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(d) Government revenue and expenditure to regulate an economy
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The correct answer is: (d) Government revenue and expenditure to regulate an economy
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WASSCE/WAEC Economics (2022) Questions and Answers 41 - 50
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41. If demand is perfectly inelastic, a tax imposed
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(a) Is borne only by the producer
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(b) Is borne only by the consumer
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(c) Will have greater impact on the seller
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(d) Will have no impact on the buyer
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The correct answer is: (b) Is borne only by the consumer
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42. Development planning focuses mainly on
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(a) Allocation of resources by the entrepreneurs
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(b) Mapping out strategies by the government
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(c) Developing some areas of the country by the government
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(d) Deciding on which types of homes to build
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The correct answer is: (b) Mapping out strategies by the government
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43. Political instability hinders economic growth because it
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(a) Scares many people from politics
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(b) Prevents politicians from playing effective politics
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(c) Discourages entrepreneurs generally
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(d) Encourages urban-rural migration
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The correct answer is: (b) Prevents politicians from playing effective politics
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44. Foreign investment and long term securities in the balance of payments accounts are recorded as
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(a) Current account transaction
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(b) Capital account transaction
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(c) Balance of trade account transaction
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(d) Invisible balance account transaction
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The correct answer is: (b) Capital account transaction
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45. An argument for the use of commercial policy rest on the need to
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(a) Make imported goods affordable
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(b) Reduce domestic unemployment
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(c) Encourage the importation of non-essential goods
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(d) Make a country enjoy absolute advantage in production of all goods
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The correct answer is: (d) Make a country enjoy absolute advantage in production of all goods
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46. Which of the following measures can lead to an increase in exports?
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(a) Increase in export duties
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(b) Increase in excise duties
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(c) Depreciation of currency
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(d) Total ban on imports
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The correct answer is: (c) Depreciation of currency
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47. Given that a country's index of export price is 180 and that of import 200, the terms of trade is
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(a) 0.09
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(b) 2.00
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(c) 90.00
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(d) 380.00
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The correct answer is: No answer
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48. A benefit that is present in all forms of economic integration is that
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(a) Factors of production are free to move and be moved
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(b) Common currency is in use
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(c) Common agricultural policy is in place
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(d) The size of the market is widened
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The correct answer is: (d) The size of the market is widened
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49. The main function of the African Development Bank (AFDB) is to
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(a) Promote free trade and development among members
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(b) Provide loans to finance balance of payments problems
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(c) Provide loans to members to finance viable projects
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(d) Help members overcome their internal problems
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The correct answer is: (c) Provide loans to members to finance viable projects
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50. If petrol is no longer needed to produce energy, then demand for crude oil
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(a) Will increase
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(b) Will remain constant
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(c) May be limited to chemical industries
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(d) Will make producing countries richer
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The correct answer is: (c) May be limited to chemical industries
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Download WASSCE/WAEC pdf Economics (2022) Paper 2 (essay questions and answer 1 - 8)
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We have provided a pdf where you can practice wassce Paper 2 (essay questions) for economics 2023. To download the
pdf right away,
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- WASSCE/WAEC past questions and answers for ECONOMICS-2023
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