2020 Economics WAEC (WASSCE) Objective Past Questions (Paper 1)

Which of the following is central to the definition of economics? 

When the production possibility curve shifts outwards, the economy experiences 

Land as a factor of production is made useful through the

 In a free-market economy, resources are allocated through the

 The diagram in Figure 1 above depicts a

Which of the following caused the change in demand from D₁D₁ to D₂D₂?

Use Figure 3 below to answer the question that follows.

The curves D₀D₀ and S₀S₀ are the initial demand and supply curves respectively. What happens when government provides subsidy to producers?

In Figure 4 above, YZ represents 

Goods are described as inferior if their demand

 A consumer is in equilibrium when 

Goods that are abundant in supply usually have low

An increase in supply means that 

If an increase in the price of crude oil led to an increase in the price of kerosene and grease, then kerosene and grease are in

A seller increased the quantity he offered for sale from 200 units to 250 units when price of his product increased by 12.5%. What is the price elasticity of supply of his product?

If an increase in the supply of beef increased the supply of hides, then beef and hides are in

If a beef market is in equilibrium at $4.00 per kg, an increase in the price to $6.00 per kg may cause

 A large firm may experience diseconomies of sales if there is  

Increasing returns to scale suggests that

One feature of the average fixed cost is that it

If the average fixed cost (AFC) of producing 5 bags of rice is $20.00, the average fixed cost of producing 10 bags will be

Table 1 below shows the total revenue schedule of a firm.

Use the information to answer the question that follows.

Table 1

What is the unit price of the firm’s output?

Table 1 below shows the total revenue schedule of a firm.

Use the information to answer the question that follows.

Table 1

What is the firm’s marginal revenue?

Organization and entrepreneurship are vested in different persons in a

The public sector in a mixed economy is not always efficient because of

Which function of the wholesaler enables him to stabilize prices?

In the long run, as individuals receive higher wages, it causes 

Population growth rate can be calculated as

Labour productivity is defined as

Which of the following problems has the least effect on agricultural productivity in West Africa? 

The location of iron and steel industry at a place is due to 

Import substitution as a strategy of industrialization is the

Which of the following are intermediate products?

How is NNP at factor cost derived from GNP at market prices?

Which of the following factors may lead to under-estimation of national income figures?

Inflation may occur if

Money would cease to be a good store of value when

Governments in West Africa can curtail inflation by

The central bank can reduce the ability of commercial banks to give out loans by 

Tools of monetary policy do not include

During inflation, the appropriate fiscal measure to adopt is to

Mr. X and Mrs. Y pay $ 500.00 and $ 1,400.00 as taxes on their earnings of $ 5,000.00 and $ 7,000.00 respectively. The system of taxation employed is

Expenditure on food takes a large proportion of incomes of people in 

A country should embark on development planning to ensure that

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

Dumping is selling goods in a foreign market at a price

The principle of comparative advantage encourages a country to

In order to discourage importation of manufactured goods, a country should adopt 

A free trade area is one in which

The foremost objective of the International Bank for Reconstruction and Development (IBRD) is to

The exploitation of mineral resources constitutes which form of production?