wassce (sc) 2023 economics 2 essay

Wassce Economics Essay Trial Questions For 2023 Candidates

Wassce Economics Essay Trial Questions For 2023 Candidates: If you are a candidate preparing to take the Wassce Economics  Easy Trial Questions For the 2023 exam, then find some likely Wassce Economics Easy Trial Questions for 2023 below.

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Make sure to practice these questions so you’ll know how to answer essay questions on the WAEC final exams.

These questions were carefully chosen from past waec questions and are likely to be repeated by waec. As a disclaimer, the questions listed below are not “Appor,” but rather trial questions to aid you in your preparation for your Economics Examination.

Check Also: Wassce 2023 Timetable For School Candidates Out, Download Here

1. What is a trade union? [2 marks]

2. Describe any four functions of trade union [12 marks]

3. Outline any two weapons used by trade unions to achieve their objectives. [6 marks]

4. Outline any four objectives of a price control policy [ 8 marks]

5. Highlight four effects of a maximum price control policy [ 12 marks]

6. What are infant industries? [2 marks]

7. State any four reasons for protecting infant industries. [12 marks]

8. Outline any three reasons by which industries can be financed in West Africa [ 6 marks]

9. What is a balance of payment disequilibrium? [2 marks]

10. Explain the two types of balance of payment disequilibrium. [6 marks]

11. Highlight any four reasons most West African countries are experiencing balance of payment problems [12 marks]

12. What is deflation? [2 marks]

13. Outline any three positive effects of deflation. [9marks]

14. Explain the way by which inflation affects any three functions of money. [9 marks]

15. What is positive tarrif? [2 marks]

16. Outline any four reasons in favour of positive tariff. [12 marks]

17. Stat any two reasons against the positive tariff. [6 marks]

18. The table below shows the incomes and rates of the income tax levied on four professionals in an economy. Use the data to answer the questions that follow.

(i) Calculate the disposable incomes of the four individuals. [12 marks] (ii) What system of taxation was employed? [2 marks] (iii) Give a reason for your answer in (ii) [2 marks] (iv) With the aid of a diagram, explain the system of taxation employed in (ii). [4 marks]

19. The total fixed cost (TFC) and the total cost (TC) functions of a hypothetical firm are shown in the graph below. Study it and answer the questions that follow.

(i) Variable cost at output levels 2, 4, and 6; [6 marks]

(ii) Average total cost at output levels 2 and 3; [4 marks]

(iii) Marginal Cost at output levels 4 and 6; [4 marks]

(b) If the price of the firm’s product is $40, calculate the firm’s profit or loss when the following units are sold:

(i) 2 units [3 marks] (ii) 4 units [3 marks]

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WASSCE 2021 Economics Questions and Answers

This WAEC/WASSCE 2021 Economics questions and answers post contains past questions on the key topics in the WAEC/SHS Economics syllabus. Expect to see Economics objective questions on demand and supply, price determination, scarcity, production, national income, international trade and taxation.

The above Economics topics represent just a fraction of the entire WAEC and GES teaching syllabus for high school Economics.

Without wasting much time, let’s begin to answer the WASSCE Nov/Dec 2021 Economics objective questions.

Instructions

Answer all the questions.

Each question is followed by four options lettered A to D. Find the correct option for each question and shade in pencil on your answer sheet, the answer space which bears the same letter as the option you have chosen. Give only one answer to each question

An example is given below.

“Economics is a science which studies human behaviour as a relationship between ends and scarce means which have alternative uses. Ends here refers to

The correct answer is wants , which is lettered B and therefore answer space B would be shaded.

Think carefully before you shade the answer spaces; erase completely any answer(s) you wish to change.

Do all rough work on this question paper

Now answer the following questions.

Questions 1-10

Here comes the first batch of the WASSCE 2021 Economics questions. As always, you will find the correct answers to each Nov/Dec 2021 WAEC Economics objective question in bold lettering.

1. Economic resources are never enough because

A. Their production is low

B. Producers are not adequately rewarded

C. The population of users is low

D. They have alternative uses

2. Which of the following cannot be considered an economic activity by the economist?

A. Putting up a private house near a market

B. Boots and shoots produced for sale

C. The paid services provided by a barber

D. Selling vegetables grown in one’s garden

3. Steel used in the construction of bridges can be considered as

A. A consumer good

B. A natural resource

C. An intermediate good

C. A renewable resource

4. Consumer sovereignty is completely regulated in a

A. Socialist economy

B. Market economy

C. Barter economy

D. Mixed economy

The pie chart below shows the number of students who study science, Economics and Mathematics in a school. Study it and answer question 5.

5. If the number of students is given as 1,080, how many study biology?

6. If an increase in the price of a commodity from $10 to $14 made quantity demanded to fall from 100units to 80 units demand is

A. Fairly price elastic

B. Fairly price inelastic

C. Perfectly price inelastic

D. Unitary price elastic

7. If the demand for commodity P falls drastically because of an increase in the price of commodity Q, then commodities P and Q are

A. Normal goods

B. Substitutes.

C. Complements.

D. Giffen goods

8. Demand for cassava as a result of demand for its products is a typical example of

A. Composite demand

B. Competitive demand

C. Complementary demand

D. Derived demand

9. If a shoe seller reduces his price in order to increase his total revenue, the demand for his product is

A. Perfectly inelastic

B. Fairly inelastic

C. Unitary elastic

D. Fairly elastic

10. A movement along a supply curve shows a change in

A. Supply of the commodity

B. The techniques of production

C. All the determinants of supply

D. The quantity supplied of the commodity

Nov/Dec 2021 Economics Questions 11-20

11. Other things being equal, the supply curve of a commodity

A. Can have a negative slope

B. May have both negative and positive slopes

C. Slopes upward from the left to the right

D. Slopes upward from the right to the left

12. If the supply of a commodity is perfectly inelastic, then its supply curve

A. Is horizontal

B. Passes through the origin

C. Is vertical

D. Slopes upward from the left to the right

13. A rightward shift of the supply curve for a commodity is caused by

A. A decrease in subsidy on the commodity

B. A decrease in the price of its complements*

C. A reduction in the price of the commodity

D. An improvement in the level of technology

14. When more of a commodity is consumed, total utility

A. Increases at a decreasing rate

B. Decreases at an increasing rate

C. Increases at a constant rate

D. Attains a maximum and becomes negative

15. Minimum wage legislation sets wages

A. Below those fixed by the trade union

B. Below the market equilibrium wage

C. Above the market equilibrium wage

D. At the equilibrium wage rate

16. The demand and supply of a commodity are represented by the following functions. Qd=0.5p -3,Qs=0.2p.Where P is price in dollars. Determine the equilibrium price.

17. A large firm is able to invent new products and improve production techniques because it enjoys

A. Welfare economies

B. Marketing economies

C. Research economies

D. Managerial economies

18. The scale of production of a firm is determined mainly by the

A. Skills of the entrepreneurs

B. Size of its market

C. Size of its factor input

D. Cost of production of the firm

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19. As the marginal cost of a firm falls, the firm’s

A. Average cost rises

B. Average cost also falls

C. Total fixed cost also falls

D. Average variable cost also falls

20. Which of the following costs is zero when output is zero?

A. Fixed cost

B. Variable cost

C. Total cost

D. Implicit cost

Questions 21-30

This is the third set of your WASSCE 2021 Economics questions with answers. The theory of the firm, costs of production, population and labour force are some of the main topics you will encounter here.

21. A firm producing shoes for a local market should shut down if the average revenue is

A. Less than the average variable cost

B. More than fixed cost

C. Equal to the fixed cost

D. More than the average variable cost

22. A group of traders set up a partnership. Its membership is expected to be

A. Very large

B. Between 7 and 50

C. Between 2 and 20

D. Unlimited

23. In which of the following business units can members freely transfer shares?

A. Public corporations

B. Public enterprises

C. Private limited liability companies

D. Public limited liability companies

24. Which of the following may facilitate effective distribution of goods

A. Construction of factories everywhere

B. Direct distribution by the government only

C. Provision of adequate aids to trade

D. Employment of expatriates

25. Labour can be made more efficient by

A. Provision of incentives and training

B. Increase output level and incentives

C. Increase output level and education

D. Education and good weather

26. The determinants of the population growth rate of any country are

A. Birth rate, death rate and emigration

B. Birth rate, death rate and net migration

C Birth rate, death rate and immigration

D. Net migration, death rate and urbanization

27. A trade union has a lower bargaining power when

A. Marginal productivity of labour is highest

B. There is an excess demand for labour

C. Labour-intensive production is the only option

D. There is an excess supply of labour

28. Agricultural production in West Africa will increase if governments

A. Pursue integrated rural development.

B. Reduce subsidies on farm inputs

C. Allow communities to control land

D. Establish more schools in rural areas

29. A steel rolling mill is best sited close to

A. Water supply

B. Cheap power supply

C. Market for the commodity

D. Cheap labour supply

30. A benefit of import substitution strategy is that it will

A. Enhance a favourable balance of payments

B. Worsen a country’s term of trade

C. Reduce the volume of foreign investments in a country

D. Encourage people to consume imported goods

WASSCE 2021 Economics Questions 31-40

Items 31 to 40 of the Nov/Dec WASSCE 2021 Economics questions touch on popular high school Economics topics such as national income, inflation, monetary policy and fiscal policy.

31. What must be done to Gross National Product at market prices to arrive at Net National Product at market prices?

A. Add depreciation

B. Add net exports

C. Subtract depreciation

D. Divide by population

32. Other things being equal, with a significant increase in exports, a country’s Gross Domestic Product (GDP) will

A. Decrease

B. Remain unchanged

C. Fluctuate

33. A nation will calculate her Gross National Product (GNP) so as to

A. Compare her standard of living with others

B. Determine the size of her population

C. Know the number of her citizens abroad

D. Be able to correct her unfavourable balance of trade.

34. Which of the following factors can lead to cost-push inflation?

A. Increase in income of workers

B. War-time spending

C. Increase in subsidies on goods

D. Increase in personal income tax

35. If members of a community refuse to accept their currency in transactions, then

A. The value of money has increased

B. Money has failed in performing its functions

C. The currency being used is relatively scarce

D. The community prefers trade by barter

36. A country will budget for a surplus in a particular year when it wants to

A. Increase disposable incomes of workers

B. Increase total spending to boost employment

C. Finance large projects beyond its capacity

D. Reduce aggregate spending to curb inflation

37. Interest rates charged on loans by commercial banks are mainly influenced by

A. Level of income in the society

B. Bank rate

C. Exchange rate

D. Liquidity ratio

38. What is the effect of an increase in the cash-deposit ratio by the central bank?

A. Commercial banks’ reserves with the central bank are reduced

B. Commercial banks will keep a higher percentage of their deposits as reserves

C. Commercial banks’ customers are encouraged to deposit more money

D. The lending power of commercial banks is raised

39. The final burden of an excise tax on a good with perfectly inelastic demand is

A. On the consumer only

B. On the producer only

C. On both the consumer and producer

D. More on the producer than on the consumer

40. One effect of increased borrowing by the government from commercial banks is that

A. The private sector will be deprived of funds for investments

B. External loans will be difficult to obtain

C. Banks will be deprived of foreign exchange

D. Investment resources will flow out of the country

Questions 41-50

Items 41-50 constitute the final segment of your WASSCE 2021 Economics questions for that year’s Nov/Dec private candidates. Economics objective questions here are mainly about economic development, international trade, economic cooperation and international economic organizations.

41. Which of the following is not associated with a country that has experienced economic development?

A. High GNP per head

B. High infant mortality rate

C. High employment

D. High literacy rate

42. A country that is undergoing economic development also experiences

A. A high rate of urban-rural migration

B. An increase in agricultural activities

C. An increase in per capita income

D. A high birth and death rate

43. Other things being equal, a deterioration in the terms of trade of a country means that

A. Volume of exports has risen

B. Export prices have fallen

C. Import prices have fallen

D. Volume of imports has risen

44. In order to improve its current account in the balance of payments, a country must

A. Receive more long-term loans from abroad

B. Encourage non-foreign direct investment

C. Initiate measures to improve tourism in the country

D. Encourage importation of foreign goods

45. There has been little or no trade among West African countries because

A. They are all self-sufficient and need not trade

B. They are primary producers and importers of finished goods

C. Goods produced by these countries are of high quality

D. Their former colonial masters will not allow trade

46. Selling a product cheaper in a foreign market than the home market is

A. Sales promotion

B. Price discrimination

C. Substitution

47. A benefit of the Economic Community of West Africa States(ECOWAS) to member countries is

A. The creation of wider markets for commodities

B. An increase in the cost of living of the people

C. The conservation of foreign exchange

D. A reduction in governments’ expenditure

48. Which of the following economic organizations was established to assist members to overcome balance of payments problems?

A. International Monetary Fund (IMF)

B. The World Bank

C. African Development Bank (AFDB)

D. Economic Commission for Africa (ECA)

49. Immobility of land in the geographical sense is applicable only to

A. Land as the earth’s surface

B. All natural resources

C. Fishes in water bodies

D. Vegetation and its products

50. Value-added in the petroleum sector may increase if

A. More crude oil is exported

B. Refined petrol is imported

C. The products of the oil refineries are all exported

D. The petrochemical industry is well developed.

What answers to the WAEC/WASSCE 2001 Economics past questions did you find most interesting? And what other years of WAEC Economics past questions would you love to see at Cegast Academy? While you are at it, make sure to check out the many high school Economics study guides and revisions notes on this site. Do you need similar revision materials on Government, Literature, English, CRS or History? There is so much waiting for you to discover right here.

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3 thoughts on “wassce 2021 economics questions and answers”.

Please i just discovered this page so please i need a lot of help to pass my waec exams

Please can i get other elective subject as a general art student

Please i just discovered this page so i want to know more to pass my waec exams.

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WASSCE 2023 Confirmed Topics for all Subjects released

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Table of Contents

WASSCE 2023 Confirmed Topics for all Subjects

The West African Examination Council (WAEC) has released the topic areas for the upcoming 2023 WASSCE.

The Council has released topics and areas to study for the 2023 WASSCE by all prospective students.

Below are the Subjects and topic areas to be studied under each for the 2023 WASSCE.

WAEC’s confirmed topic areas for 2023 WASSCE candidates

They are as follows:

CORE MATHEMATICS

1. Sets and binary operation

2. Modular arithmetic

3. Statistics & Probability

4. Logarithm and indices

5. Mensuration 1&2

6. Business mathematics [profit loss, depression, ratio]

7. Trigonometry

8. Bearing and vectors

9. Simultaneous equations.

10. Matrix and coordinate geometry (equation of a line)

11. Logic Reasoning

12. Transformation

13. Quadratic graphs, quadratics & functions

14. Series & Sequence

SOCIAL STUDIES

THE ENVIRONMENT

1. Adolescent reproductive

2. The institution of marriage

3. Responsible parenthood

4. Education and social change

5. Physical environment and environmental challenges, our culture, and national identity.

GOVERNANCE, POLITICS, AND STABILITY

1. Constitution, democracy, and Nation Building

2. Ghana and the Internationally Community

3. Leadership and fellowship

4. Right and responsibilities

SOCIAL & ECONOMICS DEVELOPMENT

1. The youth and national development

2. Work, productivity, and Entrepreneurship

3. Population Growth and Development

4. Promoting National Socio-economic Development.

INTEGRATED SCIENCE

2. Transports in plants

3. Acids, bases and salts

4. Diseases

5. lonic and covalent bonding

7. Chemical compounds and IUPAC names

8. Friction

9. Photosynthesis

10. Dentition and digestion in mammals

11. Skeleton of mammals

12. Crops production

13. Force and motion

14. Electrical/Heat

15. Ecosystem

16. Evolution, Variation, and inheritance

ELECTIVE MATHEMATICS

1. Correlation & Regression

2. Binary operations

3. Functions & Partial fraction

4. Binomial expansion

5. Logarithms/Indices

6. Polynomial

7. Basic calculus

8. Circle theorem

10. Sequence and Series

Statistics (Probability, combination permutation)

700 Vectors & Mechanism

700 Kinematics

100 Calculus (differentiation & integrate

1. Microscopy, Biological drawing

2. Cell 1 & 2 as a unit

3. Biology and industry.

4. Humans and their environment

5. Genetic, variation, and ecology

6. Food and nutrition

7. Ecosystem.

8. Excretion/skeletal/respiration

9. Plant anatomy

10. Transport system

11. Paramecium, tilapia, foul, moses, fern, etc.

1. Dimensional analysis

2. Properties of matter

3. Motion and forces

4. Electronics (the latter part)

5. Planets and gravitation

6. Current electricity and AC

7. Properties of waves (light)

8. Specific heat capacity

9. Atomic and nuclear physics

PHYSICAL/HUMAN/REGIONAL GEOGRAPHY

1. Settlement and population

2. Element of map international & maps

3. Vegetation (agricultural system)

4. The planetary system

5. Element of weather and climate

6. The hydrosphere

6. Statistical maps & Diagrams

PRACTICAL GEOGRAPHY

Statistical maps and Diagrams

~Map interpretation •Map reading & interpretation

1. Structures of the Atom

2. Standard Separation Techniques for Mixtures

3. Periodic chemistry

4. Chemical Bonds

5. Stoichiometry and Chemicals

6. Reactions

7. States of Matter

8. Energy and energy changes acids, Bases, and Salts, Solubility of Substances, Chemical Kinetic and equilibrium Systems

BUSINESS MANAGEMENT

1. Globalization & Economic integration

2. Role of government in the economy

3. Finance Financial institutions

4. Legal Environment of Business

5. Nature of Management

6. Management Information Technology

7. Functions of Management

8. Entrepreneurship Small Business

1. The concept of production and time period

2. Demand and Supply analysis

3. Public Finance

4. Price & Planning Theory

6. International Economic organization

7. Agricultural

8. Utility or Equilibrium

9. Economic Growth and Development

10. National Income Accounting

11. Industrialization

12. Population

COST ACCOUNTING

1. Marginal

2. Standard costing

3. Joh costing

4. Control Account

5. Budget And Budgetary Account

6. Elements of costing

7. Contracts Costing

8. Accounting for Labour

9. Overhead Analysis SHEET Break-even analysis

7. Political Party -Party System

8. AU, UNO & AIMS, achievements, problems

9. Crown Colony

10. Constitution

AGRICULTURAL SCIENCE

1. Nitrogen Cycle

2. Crop & Animal Production

3. Ruminant and Non-Ruminant Production

4. Soil ConElectronic

5. Agricultural ecology

6. Farm mechanization

7. Agricultural economics & extension

MANAGEMENT IN LIVING

1. Parenthood

2. Principles Of Management

3. Clothing The Family

4. Courtship and Marriage

5. Consumer Education

6. The Family

7. Wealth Creation And Management

FINANCIAL ACCOUNTING

1. Introduction to financial accounting/concepts

2. Control accounts and self-balancing ledgers

3. Partnership and company accounts

4. Departmental and branch accounts

5. Financial system

6. Single entry and incomplete records

7. Accounts of Not-for-profit making organizations

8. The Final accounts of a sole trader/proprietorship

9. Information Technology in Accounting

10. Provisions and Reserves

1. African History

2. Archaeology

3. Trans-Sahara trade in Africa

4. European contact with West Africa

5. Colonial rule in west African

6. Problem of independence

7. West African and International Organizations

8. Christian missionary

1. Foreign Policy

2. Nationalism

3. Pressure Group

4. Mass Media

5. Local Government

6. Colonial rule in Africa

7. Political Party- Party System

1. Creation and the fall of humankind

2. Leadership roles

3. Miracles Of Christ Jesus

4. Faith in God

5. Parable of Jesus

6. History of early

GRAPHIC DESIGNING

1. Communication design

2. Reproductive process in graphics design

3. Bookbinding

4. Colour Exhibition

5. Graphic design and its importance

CLOTHING & TEXTILES

1. Career opportunities in clothing & textiles

2. Fibre & Fabric

3. Good Grooming

4. Wardrobe planning

5. Sewing process

6. Garment construction

7. Clothing design

8. Entrepreneurship

9. Organising clothing & textiles exhibitions/modeling and Fashion show

FOOD AND NUTRITION

1. Food Preparation

2. Food storage and preservation

3. Art of Entertaining

4. Self Employment

5. Nutrition and Health

6. Beverages

7. Consumer Education

8. Re-chauffe Food and Festive Dishes

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4 thoughts on “ wassce 2023 confirmed topics for all subjects released ”.

Please where are the rest of the subjects…… Where is Picture Making??

Please what about literature in English

Pls, we want the rest of the subject

Please what about Elective ICT both theory and practical

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General Comments

The standard of the paper was at par with those of the previous years. The questions were not ambiguous and they were within the scope of the Syllabus. The rubrics were clearly stated and the Making Scheme comprehensively provided for all possible responses to the questions. Candidates’ performance was at par with that of the previous years.