18 Economics Questions For WASSCE Candidates 2023

The 2023 WASSCE will soon commerce and this is a sample economics questions for all 2023 WASSCE candidates. Candidates are urged to try their hands on this Economics Questions for WASSCE candidates

18 Economics Questions For WASSCE Candidates

1. A village consists of twenty (20) households with the following annual incomes-

(Incomes $00) 30 20 50 40 60 40 40 50 20 60 80 40 20 20 70 40 70 30 40 80

(a) Determine the (i) mean income: (ii) modal income; (iii) median income.

(b) What is the range of income distribution?

(c) Calculate the total tax that could be generated from the village if (i) a flat rate tax of 7% is imposed on all households; (ii) a flat rate tax of 15% is imposed on all households earning $4,000 per annum and above.

2.(a) Why is scarcity a fundamental problem in Economics?

(b) Give a reason on why Economics is a (i) science; (ii) social science

(c) How do governments solve the problem of scarcity?

3.(a) Outline the chain of distribution for manufactured consumer goods.

(b) Explain the functions of the (i) wholesaler; (ii) retailer.

4. (a) Define labour

(b) Give four factors that affect the efficiency of labour in your country.

5. (a) With examples. distinguish between direct and indirect tax,

(b) Explain any four problems of tax collection in any West African country.

6.(a) Distinguish between the following pairs of cost concepts.

(i) Fixed cost and variable cost. (ii) Real cost and money cost

(iii) Implicit cost and explicit cost.

(b) (I) What would you recommend to a firm whose average cost is greater than its price?

(ii) Give a reason for your answer In (b)(i) above.

7.(a) What is a capital market?

(b) Describe any three instruments used in the capital market.

8.(a) What is (i) devaluation: (ii) depreciation of currency?

(b) Outline three measures that can be adopted to correct balance of payments deficit

9.(a) With the aid of a diagram, explain the effects of fixing a price (i) above the equilibrium price,

(ii) below the equilibrium price

(b) (i) What is an abnormal demand? (ii) Give two reasons for its occurrence

10. Explain any five objectives of the Economic Community of West African States (ECOWAS).

11. Give five reasons for the continued existence of the Organization of Petroleum Exporting Countries (OPEC).

12. Explain why in a free market economy, all consumers do not have equal chance in determining what is produced.

13. a) What is meant by the following:

i) Economic growth

ii) Economic development

b) Describe any four ways by which economic growth of a country can be promoted

14. a) Describe the vicious circle of poverty

b) How does rapid population growth make it difficult to break the vicious circle poverty?

15. a) Distinguish between normal profit and pure (abnormal) profit.

b) What role does pure profit play in attaining long run equilibrium in perfect competition?

16. a) Define income elasticity of demand and show how it is measured

b) Explain the use of the concept of income elasticity of demand to the following

i) Trader

ii) government

17. a) Distinguish between economies of scale and diseconomies of scale

b) Explain how economies of scale and diseconomies of scale determine the shape of the long-run average cost curve.

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18. a) What is economic growth?

b) Explain any four sources of economic growth.