WASSCE objective and essay past questions and answer (ECONOMICS 2023)
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Hi scholars, you are welcome to this blog post. Paradventure you want to sit for the upcoming WASSCE examination
conducted by waec and you chose Economics among the subject you would write then I assure you that this post won't
be a waste but you would benefit immensely from it.
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You see, in this post we have left no stone unturn because we want a situation whereby after going through this post,
you would have an idea as to how WAEC conduct Economics WASSCE.
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You can study the 50 (fifty) objectives, theory and essay WASSCE Economics past questions and answer for 2023 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 (2023) Questions and Answers 1 - 10
- WASSCE/WAEC Economics (2023) Questions and Answers 11 - 20
- WASSCE/WAEC Economics (2023) Questions and Answers 21 - 30
- WASSCE/WAEC Economics (2023) Questions and Answers 31 - 40
- WASSCE/WAEC Economics (2023) Questions and Answers 41 - 50
- Download WASSCE/WAEC pdf Economics (2023) Paper 2 (essay questions and answer 1 - 8)
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WASSCE/WAEC Economics (2023) Questions and Answers 1 - 10
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1. The study of economics is mainly concerned with how to
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(a) Rank individuals' wants given the abundant resources
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(b) Make choice when resources are inadequate
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(c) Satisfy every member of all societies
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(d) Produce all the goods needed by everyone
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The correct answer is: (b) Make choice when resources are inadequate
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2. Warehousing is an economic activity that falls under
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(a) Tertiary production
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(b) Intermediate production
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(c) Secondary production
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(d) Primary production
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The correct answer is: (a) Tertiary production
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3. Which of the following items is not classified as working capital
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(a) Equipment
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(b) Fuel
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(c) Money to pay wages
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(d) Semi-finished goods
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The correct answer is: (d) Semi-finished goods
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4. An economic system is mainly concerned with
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(a) Handling situations of abundant resources
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(b) Studying the relationship between ends and means
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(c) The establishment of economic laws
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(d) The allocation of scarce resources between alternative ends
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The correct answer is: (d) The allocation of scarce resources between alternative ends
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5. The marks obtained by 9 students in a class test are recorded below: 9, 8, 7, 5, 7, 6, 8, 9 and 7. What is the median mark?
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(a) 7
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(b) 7.5
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(c) 8
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(d) 8.5
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The correct answer is: (a) 7
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6. The demand for a factor input as a result of the demand for its output is known as
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(a) Complementary demand
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(b) Competitive demand
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(c) Derived demand
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(d) Market demand
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The correct answer is: (c) Derived demand
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7. If the demand for a commodity remains constant as price increases, the commodity is said to be _____
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(a) Price elastic
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(b) Unit price elastic
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(c) Price inelastic
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(d) Perfectly price inelastic
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The correct answer is: (d) Perfectly price inelastic
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8. When more of the tax on a product is borne by the buyer than the seller, the commodity involved has
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(a) Elastic demand
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(b) Fairly elastic demand
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(c) Perfectly elastic demand
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(d) Perfectly inelastic demand
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The correct answer is: (b) Fairly elastic demand
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9. A fall in price of a normal commodity which has elastic demand will result in
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(a) A fall in quantity demanded
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(b) An increase in revenue
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(c) A fall in demand
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(d) A decrease in revenue
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The correct answer is: (b) An increase in revenue
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10. The supply of light could be met using a candle, lantern and gas lamp. This is an example of a
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(a) Complementary supply
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(b) Joint supply
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(c) Composite supply
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(d) Abnormal supply
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The correct answer is: answer is technical
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WASSCE/WAEC Economics (2023) Questions and Answers 11 - 20
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11. Petrol and kerosene are jointly obtained from crude oil, if the supply of petrol increases, the
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(a) Supply of kerosene will fall
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(b) Cost of crude oil production has increased
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(c) Supply of kerosene will rise
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(d) Supply of kerosene will remain unchanged
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The correct answer is: (c) Supply of kerosene will rise
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12. If the government stops subsidy on cocoa production, the supply curve of cocoa will
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(a) Shift to the right
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(b) Become vatical
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(c) Shift to the left
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(d) Remain unchanged
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The correct answer is: (c) Shift to the left
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13. When the marginal utility from the consumption of commodity X (MUx) is greater than the price of commodity X (Px), a rational consumer should
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(a) Consume more of commodity X
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(b) Reduce consumption of commodity X
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(c) Consume the same quantity of commodity X
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(d) Strive to remain in disequilibrium
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The correct answer is: (d) Osmoregulation
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14. When the demand for a commodity increases while supply remains unchanged, the equilibrium price and quantity will
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(a) Remain constant
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(b) Decrease
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(c) Increase
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(d) Turn negative
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The correct answer is: (c) Increase
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15. The fixing of maximum prices by government is mainly on
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(a) Inferior goods
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(b) Luxury goods
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(c) Imported capital goods
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(d) Selected essential goods
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The correct answer is: (d) Selected essential goods
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16. At what point on the total product curve shown below will marginal product be negative?
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(a) P
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(b) Q
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(c) R
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(d) S
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The correct answer is: (d) S
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17. A small scale firm located within an industrial estate will enjoy
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(a) Government protection and funding
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(b) Technological economies of scale
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(c) External economies of scale
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(d) Financial economics of scale
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The correct answer is: (c) External economies of scale
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18. The total fixed cost curve is
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(a) Vertical
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(b) Horizontal
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(c) Downward sloping
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(d) Upward sloping
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The correct answer is: (b) Horizontal
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19. If a firm retrenches some of its factory workers its
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(a) Fixed cost is likely to increase
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(b) Marginal cost may increase
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(c) Average fixed cost may increase
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(d) Variable cost will decline
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The correct answer is: (d) Variable cost will decline
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20. A monopolist may enjoy abnormal profit only if its
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(a) Marginal cost exceeds marginal revenue
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(b) Demand curve is perfectly elastic
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(c) Price exceeds average total cost
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(d) Expenditure on advertisement increases
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The correct answer is: (c) Price exceeds average total cost
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WASSCE/WAEC Economics (2023) Questions and Answers 21 - 30
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21. The average revenue curve of a firm in a perfect market is the same as the
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(a) Supply curve of the firm
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(b) Demand curve of the firm
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(c) Total revenue curve of the firm
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(d) Average cost of the firm
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The correct answer is: (b) Demand curve of the firm
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22. Resources are pooled for the mutual benefit of its members mainly in a
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(a) Joint stock company
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(b) Partnership
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(c) Private company
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(d) Cooperative society
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The correct answer is: (d) Cooperative society
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23. A joint stock company enjoys perpetual existence because
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(a) It is formed by a minimum of seven members
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(b) It is a corporate entity
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(c) Its shares are easily transferable
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(d) There is a higher degree of specialization
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The correct answer is: (c) Its shares are easily transferable
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24. Consumers have access to a variety of goods through the activities of the
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(a) Advertising agencies
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(b) Wholesalers
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(c) Retailers
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(d) Mass media
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The correct answer is: (c) Retailers
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25. The rate of growth of population is
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(a) The difference between birth rate and death rate
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(b) Birth rate less death rate plus net migration
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(c) Initial population plus number of births and net migration
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(d) The number of immigrants plus number of births
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The correct answer is: (b) Birth rate less death rate plus net migration
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26. The malthusian theory of population is best illustrated when
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(a) Both population and food supply increase at the same rate
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(b) Population increases much faster than food supply
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(c) The size of the population and available resources are equal
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(d) Food supply increases much faster than populatoin growth
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The correct answer is: (b) Population increases much faster than food supply
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27. The dependency ratio of a country is the
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(a) Total active population who depends on government for survival
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(b) Number of children who depends on their parents for survival
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(c) The children and aged who rely on the active population for support
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(d) People who are cared for by their extended families
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The correct answer is: (c) The children and aged who rely on the active population for support
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28. When job vacancies are publicized, the government is mainly trying to solve the problem of
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(a) Residual unemployment
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(b) Frictional unemployment
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(c) Technological unemployment
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(d) Cyclical unemployment
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The correct answer is: (b) Frictional unemployment
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29. Many workers are employed in the agricultural sector of developing countries because
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(a) They practice mechanized system of farming
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(b) Labour intensive method is mostly adopted
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(c) Wages in the sector is high
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(d) Abnormal profits are made
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The correct answer is: (b) Labour intensive method is mostly adopted
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30. Industries are sometimes located in areas which are not profitable so as to
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(a) Encourage rural-urban migration
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(b) Be able to reap internal economics of scale
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(c) Be able to even-out development
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(d) Bring about external economics of scale
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The correct answer is: (c) Be able to even-out development
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WASSCE/WAEC Economics (2023) Questions and Answers 31 - 40
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31. One factor that may not promote industrial development is
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(a) Granting old firms tax exceptions
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(b) Local firms entering into partnerships with foreign firms
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(c) Setting up industrial estates with modern amenities
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(d) Granting capital to firms at reasonable interest rates
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The correct answer is: (a) Granting old firms tax exception
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32. National income is calculated mainly to
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(a) Detemine how income is to be shared
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(b) Help firms generate more funds
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(c) Determine the level of sectoral performance
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(d) Determine aid to be received from other nations
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The correct answer is: (c) Determine the level of sectoral performance
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33. To overcome the problem of double counting under the expenditure approach,
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(a) Value added method is used
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(b) Only spending on final goods are considered
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(c) Proper accounting standards must be used
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(d) Spending on intermediate goods and inputs are considered
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The correct answer is: (b) Only spending on final goods are considered
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34. The Net National Product (NNP) of a country is 50m while the depreciation allowance is 10m. The Gross National Product (GNP) is
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(a) 30m
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(b) 40m
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(c) 60m
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(d) 500m
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The correct answer is: (c) 60m
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35. The price level and the value of monkey are
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(a) Inversely related
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(b) Directly related
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(c) Not related
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(d) Positively related
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The correct answer is: (a) Inversely related
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36. Money is able to function more as a medium of exchange when
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(a) More people ungag in subsistence production
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(b) There is a fall in production
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(c) There is specialization of labour
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(d) Individuals and nations are self-sufficient
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The correct answer is: (c) There is specialization of labour
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37. An indication that there is inflation in a country is that
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(a) There is decreased in the demand for goods and services
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(b) There are too many goods in circulation
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(c) The same amount of money buys lower quantity of goods
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(d) People prefer to lend than to borrow
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The correct answer is: (c) The same amount of money buys lower quantity of goods
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38. The most liquid asset among the following is
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(a) Shares
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(b) Bonds
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(c) Cash
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(d) Cheque
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The correct answer is: (c) Cash
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39. Commercial banks help in economic development mainly by
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(a) Acting as intermediaries between lenders and borrowers
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(b) Giving financial advice to the government
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(c) Acting as trustees and executors of wills
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(d) Serving as custodians of valuables
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The correct answer is: (a) Acting as intermediaries between lenders and borrowers
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40. Taxes levied on goods and services by governments are called
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(a) Direct taxes
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(b) Corporate taxes
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(c) Indirect taxes
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(d) Poll taxes
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The correct answer is: (c) Indirect taxes
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WASSCE/WAEC Economics (2023) Questions and Answers 41 - 50
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Use the diagram below to answer question 41
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41. The curve labelled 'W' shows the
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(a) Proportional tax
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(b) Progressive tax
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(c) Specific tax
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(d) Regressive tax
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The correct answer is: (b) Progressive tax
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42. An example of government's recurrent expenditure is
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(a) The cost of building a school
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(b) Paying salaries of workers
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(c) Purchase of new vehicles
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(d) Electrification projects in rural areas
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The correct answer is: (b) Paying salaries of workers
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43. A country is described as developing if
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(a) The population is decreasing
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(b) There is low labour supply
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(c) The contribution of tertiary sector to national income is high
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(d) The income per head is low
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The correct answer is: (d) The income per head is low
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44. Tariffs, quotas and embargoes are examples of
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(a) Foreign exchange policies
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(b) Trade restriction policies
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(c) Fiscal policies
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(d) Monetary policies
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The correct answer is: (b) Trade restriction policies
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45. Trade protection will assist economic growth in developing countries if it can
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(a) Eliminate importation of all commodities
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(b) Generate enough revenue through export duties
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(c) Effectively safeguard newly established firms
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(d) Allow the importation of cheaper goods people want
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The correct answer is: (c) Effectively safeguard newly established firms
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46. A government may cause a favourable change in her visible trade account by
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(a) Increasing the export of her primary products
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(b) Imposing high tariff on exports
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(c) Developing tourism and other services
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(d) Encouraging people ot go for medical treatment abroad
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The correct answer is: (c) Developing tourism and other services
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47. Country M enjoys absolute advantage over country N in the production of commodities X and Y, if country M
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(a) Can produce only commodity Y cheaper than country N
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(b) Is more efficient than country N in producing both commodities X and Y
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(c) Is efficient in the production of both commodities X and Y
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(d) And country N are efficient in the production of both goods
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The correct answer is: (b) Is more efficient than country N in producing both commodities X and Y
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48. Which of the following is not a problem facing the Economic Community of West African States (ECOWAS)?
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(a) Language barriers
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(b) Production of the same commodities
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(c) Poor transportation and communication
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(d) Inadequate supply of labour
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The correct answer is: (d) Inadequate supply of labour
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49. Assisting members to solve temporary balance of payments problems is the reason for the establishment of the
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(a) World bank
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(b) International monetary fund
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(c) African development bank
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(d) Economic Commission for Africa
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The correct answer is: (b) International monetary fund
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50. Which of the following is a non-renewable natural resource?
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(a) Cocoa
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(b) Oil palm
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(c) Coal
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(d) Rubber
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The correct answer is: (c) Coal
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Download WASSCE/WAEC pdf Economics (2023) 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-2022
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