WAEC 1999 Economics Questions and Answers

The topics to look out for in the Senior High School WAEC 1999 Economics questions are the importance of statistical data and graphs in Economics, factors of production, the theory of cost, consumer behaviour, industrialization and location of industry.

Other topics in the WAEC/SHS Economics syllabus that keep showing up in most WAEC/WASSCE Economics past questions including the 1999 WAEC Economics questions are national income, international trade, public finance or fiscal policy, money, banking and inflation.

Once again, note that it is wise to study both the latest past questions and older ones like the WAEC 1999 Economics questions and answers.

We have already said a lot about the benefits of studying what some may consider ‘old’ past questions in this post.

Are you ready to study the questions and answers in the WAEC 1999 Economics paper? Then let’s do it together.

WAEC/SSSCE 1999 Economics Questions 1-10

1. Economics broadly involves the study of how

A. political power is used to make money     

B. finished goods are distributed

C. resources are allocated to satisfy human wants       

D. government tax their people

2. Opportunity cost will exist as long as

A. an economy has money                   B. relative prices are variable

C. production is unregulated                D. sacrifices have to be made

3. Production possibility curve shows

A. how goods and services are distributed

B. the quality cost of goods and services produced

C. the extent to which demand is satisfied

D. the combination of goods that a nation can produce

4. If human wants are unlimited, but resources to satisfy them are limited, people face the problem of

A. poverty              B scarcity              C. overpopulation            D. finance

5. Which of the following best explains the advantage of the use of graphs, tables and charts in the study of economics?

A. they provide quantitative values and visual impressions of relationships between economic variables

B. their use is necessary to make the study of economics scientific

C. they can be used to represent an unlimited number of economic variables at a time

D. they are easy to draw and interpret by every economics student

6. Labour, land and capital are

A. examples of technology                             B. natural  resources

C. productive resources                                D. allocative resources

7. Combining factors of production is the role of

A.  capital              B. entrepreneurship                 C. investment             D. technology

8. The following data represent the marginal product of workers; 1,2,3,6and 6. What is the mean value?

A. 3.5                     B. 3.6                     C. 5.0                               D. 6.09

9. The process by which equipment becomes worn out is known as

A. deflation            B. depreciation     C. disinvestment              D. inventory

10. When consumers increase their consumption of a good as their incomes rise, the good is said to be

A. a normal good                                B. an inferior good

C. a giffen good                                    D a necessity

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Questions 11-20

Use the diagram to answer questions 11 and 12

SORRY, DIAGRAM NOT AVAILABLE NOW. YOU MAY JUMP TO QUESTION 13.

11. A shift in the demand curve for maize from D0 D0  to D1D1 could be caused directly by

A. changes in eating habits                             B.  a fall in the price of beer

C. a fall in the price of rice                           D. changes in weather conditions

12. The shift in the demand curve fromD0D0 to D1D1 is referred to as

A. an increase in demand                                B. an increase in quantity demand

C. a decrease in quantity demanded     D. a decrease in demand

13. For the incidence of a tax to be on the producer, demand for the good must be

A. inelastic  B. perfectly elastic    C. of unitary elasticity D. perfectly inelastic

14. When the price of a good is below the equilibrium there will be

A. surpluses           B. stability             C. shortages                    D. unemployment

15. If the price of gari rises from ₵1,000.00 per tin to ₵1,500  and a firm increases supply from 400 to 600 tins a week, supply would be

A. perfectly elastic                     B. inelastic

C. of unitary elasticity             D. perfectly inelastic

16. Marginal utility eventually

A. decreases as more of a commodity is consumed

B. increases as more of a commodity is consumed

C. decreases as less a commodity is consumed

D. remains the same as more of a commodity is consumed

17. When a firm experiences diseconomies of scale. Its long-run average cost curve

A. slopes downwards to right               B. appears U-shaped

C. slopes upwards to the right D. becomes horizontal

18. Total fixed costs

A. are the total costs divided by the output

B. are always equal to marginal costs

C. remain the same at all levels of output

D. rise and falls as output is increased

19. An increase in demand for fish, assuming supply remains the same, will

A. raise the price and increase quantity supplied

B. raise the price and reduce quantity supplied

C. reduce the price and reduce quantity demanded

D. raise the price and leave quantity demanded unchanged

20. Which of the following best relates to the terms of market price?

A. it is associated with the socialist economic system

B. it remains stable for a long period of time

C. it is fixed by the forces of demand and supply

D. it is always fixed at where excess demand exists

Questions 21-30

21. The cost that a firm incurs in purchasing factors of production as the level of output changes is referred to as

A. total cost B. variable cost     C. fixed cost                     D. marginal cost

22. Which of the following business units have freely transferable shares?

A. public corporations                                      B. partnerships

C. private limited liability companies D. public limited liability companies

23. Suppose you own Jovic Company, sole proprietorship, we would expect that

A. your company has limited liability

B. you are in business with at least one other person

C. some of your profit will be paid to shareholders

D. you would be responsible for all debt in the company

24. When a consumer pays a high price for a commodity, it means his

A. total utility for the commodity is high

B. marginal utility for the commodity is high

C. average utility for the commodity is high

D. average utility for the commodity is stable

25. Which of the following is an example of internal economies of scale?

A. high wages and salaries                 B. availability of infrastructure

C. closeness to similar firms                D. pool of skilled labour

26. In economics, all the following constitute land except

A. the weather                                       B. water bodies

C. chemical fertilizers                        D. mineral deposit

27. Fixed costs of a firm are also known as

A. prime costs                  B. marginal costs             C. real costs  D. overhead costs

28. Productivity of labour is measured in terms of

A. managerial skills                                        B. average productivity

C. total product                                     D. level of technology

29. Total product of a firm can be calculated by

A. cumulatively adding marginal output

B. multiplying marginal product by the number of workers

C. multiplying the number of workers by our of work

D. multiplying average product by marginal product of labour

30. The competitive firm’s short-run supply curve is

A. the upward sloping portion of its average total cost curve

B. the upward sloping portion of its average marginal cost curve

C. marginal cost curve above the average variable cost

D. its marginal cost curve

WAEC 1999 Economics Questions 31-40

31. The demand curve facing a competitive seller is

A. negatively sloped                             B. upward sloping

C. vertical                                             D. horizontal

32. Patents are examples of

A. natural barriers to entry                              B. legal barriers to entry

C. illegal barriers to entry                     D. unnatural barriers to entry

33. A population will reach the optimum size when

A. gross national output is at maximum

B. birth rate is equal to death rate

C. national output per head is at maximum

D. immigration is equal to emigration

34. Some workers of a company are laid off because consumers’ taste for its products has fallen. This is an example of

A. structural unemployment                        B. seasonal unemployment

C. frictional unemployment                            D. cyclical unemployment

35. A firm’s demand for units of labour will decrease if the

A. productivity of all workers fall                  B. wage rate rises

C. price of the output                                      D. price of capital rises

36. If the government wants to attract foreign investment, it will most likely

A. restrict repatriation of profits

B. reduce tax holidays for new investors

C. guarantee remittance of capital and profit

D. charge higher custom duties on imported machinery

37. Government policy which reserves certain economic activities to its citizens only is called

A. nationalism                  B. indigenization C. privatization           D. localization

38. What is the main similarity between a private company and a public company?

A. they are not state-owned

B. they trade their shares on the stock exchange

C. they publish information about their finances and operations

D. they have unlimited number of shareholders

39. Adjusting gross domestic product at factor cost to net national product at factor cost involves

A. adding net property income from abroad

B. subtracting total depreciation

C. subtracting net property income from abroad

D. adding indirect tax and subtracting subsidies

40. The precautionary demand for money is

A. desire to hold money rather than interest-bearing assets

B. demand for money based on expectation of future inflation

C. demand for money to meet daily expenses

D. demand for money to meet unforeseen expenditure

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Questions 41-50

41. In a barter economy,

A. goods and services cannot be bought on credit

B. there is direct exchange of goods and services

C. money is used in exchange for goods and services

D. prices of goods and services are stable

42. Which of the following is a function of the Central Bank?

A. granting short terms loans               B.  granting long-term loans

C. selling shares                                   D. managing the national debt

43. A budget is balanced when expected

A. total revenue is equal to expenditure

B. revenue is more than expected expenditure

C. expenditure is more than expected income

D. revenue is greater than or equal to expenditure

44. Which of the following is a direct tax?

A. sale tax on beer                      B. export tax on timber

C. tax on salary                         D. duty on cigarettes

45. The difference in the value of visible exports and visible imports constitutes the

A. balance of payment                          B. terms of trade

C. exchange rate                                   D. balance of trade

46. An advantage of international trade is that

A. prices of goods become stable                  B. countries depend on one another

C. it introduces a variety of prices                  D. a variety of goods are produced

47. Which of the following measures is likely to be effective in dealing with a persistent balance of payment surplus?

A. an export drive                                           B. import substitution

C. revaluation of currency                           D. imposition of duties

48. What purpose is served by an export marketing board?

A. marketing staple foodstuffs on the international market

B. fixing producer prices above the world market price

C. providing competition for private exporters

D. exercising control over production

49. The birth rate of a country refers to the

A. number of births within a year

B. the rate at which females are born in a year

C. the number of births per hundred people in a year

D. the number of births per thousand people in a year

50. It is advisable to locate large bakeries in urban centres because

A. bread is the leading staple food for urban settlers

B. raw materials for bread making never run out of supply in cities

C. the risk of losses from perishability is minimized

D. bread is bulky and expensive to transport over long distances

Questions 51-60

51. The emphasis on nearness to raw materials and market as major factors in the location of industries is weakened by advances in

A. advertising

B. insurance

C. transportation

D. packaging

52. Which of the following institutions make long-term loans to developing countries for low rates of interest?

A.  International Development Agency

B. International Bank for Reconstruction and Development

C. Organization of Petroleum Exporting Countries

D. Economic Commission for Africa 

53. All the following impose severe limitations on the rate of economic development in Ghana except the scarcity of

A. entrepreneurial abilities

B. domestic savings

C. technical knowledge

D. unskilled labour

54. One major feature of agriculture in West Africa is

A. it is undertaken on a large scale

B. it is highly mechanized

C. it relies heavily on the weather

D. many of the farmers are literate

55. Which of these is not a source of government revenue?

A. Royalties

B. Borrowing from foreign countries

C. Sales of asset

D. Grant from other countries

56. Which of the following organizations was set up to help member countries solve their balance of payment problem?

A. The World Bank

B. The European Union

C. The International Monetary Fund

D. The African Development Bank

57. All developing countries exhibit the following features except

A. low level of industrialization

B. greater dependence on primary exporters

C. high per capita income

D. high population growth rate

58. If the average rate of tax declines as income rises, the tax is described as

A. proportional

B. progressive

C. regressive

D. equitable

59. Technological changes that replace workers with machinery are known as

A. industrialization

B. automation

C. specialization

D. modernization

60. The separation of ownership from control is most commonly found in

A. sole proprietorship

B. partnership

C. joint stock company

D. co-operative society

Final Thoughts

It is a good idea to consider studying other Economics past questions in addition to the 1999 WAEC Economics questions. Here are the WAEC/WASSCE 1998 Economics questions as well as those for 1995.

Again, this post contains tons of past Economics essay questions suitable for students and teachers preparing for any senior high school level examination.

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