The multiple choice questions presented below are a sample of the type of questions that may appear in the WASSCE 2023 Economics exam.
The WASSCE (West African Senior School Certificate Examination) is a standardized test taken by senior secondary students in West African countries, including Ghana, Nigeria, Sierra Leone, The Gambia, and Liberia.
It is a crucial exam that determines a student’s readiness for higher education and employment opportunities.
1. Which of the following is a characteristic of a perfectly competitive market?
A) numerous buyers and sellers
B) easy entry and exit from the market
C) differentiated products
D) a high degree of market power
Answer: A
2. Which of the following is an example of a positive externality?
A) pollution from a factory
B) a homeowner installing solar panels
C) a government subsidy to a corporation
D) a consumer purchasing a luxury good
Answer: B
3. The Law of Demand states that:
A) as the price of goods increases, the quantity demanded will increase
B) as the price of goods increases, the quantity demanded will decrease
C) as the price of goods decreases, the quantity demanded will increase
D) as the price of goods decreases, the quantity demanded will decrease
Answer: B
4. Which of the following is NOT a factor of production?
A) labor
B) land
C) capital
D) money
Answer: D
5. Which of the following is a characteristic of a monopoly?
A) numerous sellers
B) no barriers to entry or exit
C) no market power
D) a single seller with significant market power
Answer: D
6. Which of the following is an example of a regressive tax?
A) income tax
B) sales tax
C) property tax
D) capital gains tax
Answer: B
7. Inflation can be caused by:
A) an increase in aggregate demand
B) a decrease in aggregate demand
C) an increase in aggregate supply
D) a decrease in aggregate supply
Answer: A
8. Which of the following is an example of a public good?
A) a privately owned park
B) a toll road
C) national defense
D) a movie theater
Answer: C
9. Which of the following is a measure of income inequality?
A) the Gini coefficient
B) the Consumer Price Index
C) the Gross Domestic Product
D) the Unemployment Rate
Answer: A
10. Which of the following is NOT a function of money?
A) a store of value
B) a medium of exchange
C) a unit of account
D) a means of production
Answer: D
11. Which of the following is an example of a capital resource?
A) a hammer
B) a factory
C) a worker
D) a natural resource.
Answer: B
12. Which of the following is an example of a market failure?
A) a firm earning high profits
B) a natural disaster disrupting production
C) a government subsidy to a corporation
D) a negative externality
Answer: D
13. Which of the following is an example of a trade barrier?
A) a tariff
B) a minimum wage law
C) a government subsidy
D) a patent
Answer: A
14. Which of the following is an example of a fiscal policy?
A) a change in interest rates
B) a change in government spending
C) a change in the money supply
D) a change in taxes
Answer: B
15. Which of the following is a characteristic of a mixed economy?
A) a government owning all resources
B) private ownership of all resources
C) a combination of public and private ownership of resources
D) no ownership of resources
Answer: C
In conclusion, the WASSCE 2023 Economics exam is a crucial exam that tests students’ knowledge and understanding of various economic concepts and principles.
To excel in the exam, students must have a solid grasp of economic theories, models, and current economic issues. They should also be able to apply economic concepts to real-world situations and demonstrate critical thinking skills.
By practicing with sample questions like the ones presented above, students can improve their chances of success in the exam and open doors to a brighter future.
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