WAEC 1993 Economics Past Questions and Answers

The WAEC 1993 Economics past questions and answers contain objective questions on the causes and effects of inflation, depreciation and economic growth. Other topics in the senior high school Economics syllabus featured in the WAEC 1993 Economics past questions and answers are consumer behaviour, demand and supply, agriculture, international trade and types of business organizations.

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Are you looking for past high school Economics exam questions and answers on such topics as taxation, population growth, distribution, market structures and foreign exchange control? Then you are in the right place.

This post about the WAEC/SSSCE 1993 Economics past questions will give you the answers you need.

Note that regardless of the year of these questions, they are very likely questions to expect in any future WAEC/SHS Economics test.

Without further ado, let’s start studying the past objective test questions for the WAEC November 1993 Economics past questions for SHS.

Economics Objective Questions 1-10

1. The main purpose of production is to

A. add to the nation’s stock of capital

B. satisfy individual and collective wants

C. make use of unemployed resources

D. make possible exchange of goods between countries

2. Which of the following has no limit in economics?

A. Human labour                        B. Natural resources

C. Technology                                      D. Wants of consumers

3. A minimum price regulation fixes price

A. below the equilibrium           B. above the equilibrium

C. near the equilibrium                         D. at the equilibrium.

4. Which of the following is normally not in direct touch with the consumer?

A. the supermarket                               B. The trader

C. The hawker                                                 D. The wholesaler

5. The size of a country’s population cannot be influenced by the

A. rural-urban migration                  B. number of births

C. death rate                                                    D. fertility rate

6. If price is increased and the quantity sold decreases, then the relationship is

A. direct                 B. inverse              C. close                  D. wide

7. In economics, effective demand is the

A. goods producers offer to consumers in the market

B. goods that are displayed to consumers

C. Quantity of goods consumers wants to buy

D. willingness and ability to purchase goods at certain prices.

8. The dominant occupation in West Africa is

A. trading    B. farming  C. manufacturing   D. mining

9. The consumer is said to be in equilibrium when

A. prices are very low     

B. marginal utility is equal to the commodity

C. the consumer has the desire to buy more  

D. the market supply is low

10. When people buy shares in a company, they

A. lend money to the company

B. become part owners of the company

C. become entitled to some of the products

D. receive interest on their shares

Economics Objective Questions 11-20

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11. In the money market, the price of money is

A. wages                B. profit                 C. interest   D. rent

12. Which of the following gains from inflation?

A. the trader                                                            B. the pensioner    

C. the money lender                                        D. the fixed rent property owner

13. More revenue is raised when government imposes taxes on commodities with

A. elastic supply                                             B. inelastic supply

C. elastic demand                                            D. inelastic demand

14. The supply of a commodity can be increased in the short run if

A. there is an increase in price

B. there are many competitors in the industry

C. there is excess production capacity and unsold stock

D. there is the need to retain labour for further production

15. A market equilibrium price exists when

A. there is excess demand                                                  

B. there is excess supply

C. there is no pressure on the price to change     

D. there are many suppliers and buyers

16. The location of industries in urban areas is influenced by

A. internal economies                                     B. technologies

C. external economies                                   D. the weather

17. The economic system in which individual initiative is highly rewarded is

A. socialism                                          B. capitalism     

C. communism                                     D. command economy

18. Which of the following is not a source of capital for petty traders in Ghana?
A. personal savings                                         B. stock exchange

C. credit union                                                D. ploughing back profit

19. The two main components of the balance of payment are

A. visible and invisible exports  B. exports and imports

C. current and capital accounts        D. credit and surplus balances

20. The West African country which exports both cocoa and petroleum is

A. Burkina Faso                B. Nigeria   C. The Gambia      D. Benin

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1993 WAEC Economics Questions 21-30

21. Agriculture in Ghana is dominated by

A. state farms                                                  B. co-operatives

C. private commercial farmers             D. peasant farmers

22. The Ghana Cocoa Board fixes the price of

A. maize                 B. rice          C. shea butter                 D. millet

23. The Central Bank’s open market operations are to

A. control the supply of money

B. auction foreign exchange

C. sell stocks and shares

D. withdraw old currency notes

24. Customs duties are imposed on

A. intermediate goods                                     B. goods in transit

C. imported goods                                                   D. durable goods

25. The fall in the external value of a currency brought about by demand and supply is

A. devaluation                  B. depreciation     C. revaluation                     D. appreciation

26. If a change in the quantity of cassava offered for sale changes the price of cassava, then price is

A. an independent variable                   B. a stable variable

C. an unstable variable                         D. a dependent variable

27. Which of the following has a derived demand?

A. ice cream           B. shirt                   C. labour               D. television set

28. A black market is the result of

A. shortage of goods                             B. price control

C. monopoly                                                   D. imperfect competition

29. When total output declines, the marginal product is

A. constant             B. negative            C. positive             D. zero

30. All costs are variable in the

A. market period    B. short-run C. long-run           D. intermediate period

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Economics Questions 31-40

31. The market structure that ensures optimum allocation of resources is

A. monopolistic competition                B. monopoly

C. imperfect competition           D. perfect competition

32. One important constraint on crop production in Ghana is

A. the weather                                     B. arable land

C. inadequate seeds                              D. agriculture machinery

33. In a competitive market, who can impress on the producer that his products are of low quality?

A. the government                                B. other producers

C. the consumer                                  D. opinion leaders

34. The function of the retailer does not include

A. offering credit to the consumers

B. breaking the bulk

C. providing market information to the producer

D. acquiring raw materials

35. The level of wages cannot be influenced by

A. the government                                B. the stock exchange

C. the employers association                D. the trade union

36. If the size of Gross Domestic Product is constant, per capita income will fall in a country with

A. decreasing population            B. increasing population

C. optimum population                        D. stagnant population

37. The best way for the government to stabilize the price of maize is to

A. import maize

B. export maize

C. control the flow of maize to the market

D. fix a minimum  price for maize

38. One objective of exchange control is to

A. ration scarce foreign exchange

B. control the exchange of goods between two countries

C. protect the barter terms of trade

D. increase the volume of exports

39. The exports of West African countries consist mostly of

A. manufactured goods                         B. invisible items

C. raw materials                                 D. capital equipment

40. Which of the following is not an objective of the Economic Community of West Africa States (ECOWAS)?

A. specialization                                                        B. efficiency in production

C. mobility of labour                                                D. protection of infant industries

1993 WAEC Economics Objective 41-50

41. Which of the following is true of a monopolist?

A. he can fix both output and price

B. his competitors are many

C. his demand curve slopes down

D. he always earns normal profit

42. In a public joint stock company the shareholder is responsible for

A. buying raw materials                                            B. personnel management

C. bearing risks                                                      D. maintaining capital equipment

43. Marginal utility is the satisfaction a consumer derives from

A. the total amount of the commodity in his possession

B. the last addition to his total stock of a commodity

C. commodities that are similar

D. commodities that are scarce

44. The supply price of a given quantity of a commodity will increase if the supply curve

A. shift to the left                                                     B. shift to the right

C. slopes to the left                                                   D. slopes to the right

45. A company which has unlimited liability is

A.  a branch of a multinational corporation

B.  a partnership

C. a private joint stock company

D. a public joint stock company

46. The labour market is

A. an industrial market                                              B. a product market

C. a capital market                                                    D. a factor market

47. Governments restrict international trade in order to protect

A. employment of labour                                       B. foreign labour

C. revenue collectors                                                  D. negotiable instruments

48. A budget deficit is the excess of

A. government revenue over government expenditure

B. government expenditure over government revenue

C. current expenditure over capital expenditure

D. estimated expenditure over actual expenditure

49. Demand for a commodity is not influenced by the

A.  expectation of future prices                                 B. prices of substitutes

C. cost of production                                              D. price of the product

50. From a supply schedule can be derived

A. the productivity of capital

B. the equilibrium price of the commodity

C. the cost of producing a commodity

D. the supply curve

WAEC 1993 Economics Objective Questions 51-60

51. The opportunity cost of specialized machinery which can be used in  only one production process is

A. the cost of what it produced                                

B. zero

C. the wear and tear of the machinery                 

D. the replacement value of the machinery

52. Under perfect competition if the average cost curve is rising, then the marginal cost curve must be

A. rising            B. falling                           C. fluctuate                                                                        D. unchanged

53. The law of diminishing returns is the result of

A. combining a fixed factor with increasing quantities of a variable factor

B. Combining the factors of production in equal proportion

C. cultivating land which is not fertile

D. reducing the marginal product of labour

54. Which of the following business organizations enjoys the greatest flexibility?

A. Joint Stock Company                                           B. statutory corporation

C. co-operative                                                          D. sole proprietorship

55. The monopolist maximizes profit by operating at the output where

A. marginal cost equals marginal revenue

B. marginal cost equals average cost

C. marginal cost equals price

D. average cost equals price

56. The size of the population in West Africa is greatly influenced by the

 A. emigration       B. immigration                            C. death rate                                                             D. birth rate

57. The greatest proportion of total output in Ghana comes from

A. miners           B. traders                           C. farmers     D. carpenters

58. The market location of an industry cannot be influenced by the

A. market                                                                  B. quality of the products

C. availability of raw materials                                 D. availability of labour

59. Which of the following does not describe the process of adding to the nation’s capital stock?

A. accumulation                                        B. investment

C. capital formation                                   D. production

60. If ex is the elasticity of demand for exports and em is the elasticity of demand for imports, then devaluation will remove the balance of payment deficit when

A. ex + em =1                                                             B. ex + em <1

C. ex + em =>                                                             D. ex  em  <1

Wrapping it up

Remember that one sure way to be able to answer most high school Economics test questions is to study the answers to as many past questions as possible. This is why I will encourage you to take seriously the above WAEC 1993 Economics past questions and answers.

Again, do not let the year of the Economics objective past questions fool you. The reason is simply this. The high school Economics syllabus has always been the same. So whatever you find in these past questions will appear in many future Economics test papers.

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