In the WASSCE 2000 Economics past questions are such important topics as international trade, monetary policy and inflation. Remember that this year’s WAEC Economics questions will follow a similar pattern just as it was in previous years.
In other words, the 2023 WASSCE Economics questions as well as the 2024 WAEC Economics questions will definitely include demand and supply questions, national income questions, and questions on market structures and those on money, banking and production in general.
The reason is simply this. The 2023 Economics questions will come from the same official WAEC Economics syllabus for secondary schools.
It is on this same SHS Economics syllabus that all the below WASSCE 2000 Economics past questions and answers are based on.
So if you really want to do well in the coming 2023, 2024 or 2025 WASSCE Economics paper, all you need to do is to study a lot of WAEC Economics past questions including these November 2000 WASSCE Economics questions.
Are you ready to carefully study the 2000 WAEC Economics past questions and answers for this year’s examination or a future one?
Please note that these Economics past questions and asnwers for WASSCE candidates can be of equal help to you if you are preparing for JAMB, IGCSE, NECO/SSCE or any other examination at a comparable level.
Let’s get started.
Questions 1-10
1 . Which of the following is a major objective for the study of economics?
A. bridging the gap between the rich and the poor
B. reducing the level of unemployment
C. satisfaction of material human wants
D. conservation of scarce resources
2 . Diminishing marginal utility can be used to explain the
A. law of comparative cost B. slope of the demand curve
C. slope of the total product curve D. diseconomies of scale
3. Relative scarcity is an essential attribute of
A. a public good B. an economic good
C. a productive good D. a luxurious good
4. The condition for a perfect market will be violated if
A. the product sold can be substituted
B. there are too many buyers
C. the product of the industry can be branded
D. the exit or entry of sellers cannot affect the price
5. If a good is capable of being put to several uses, its demand is likely to be
A. inelastic B. effective C. elastic D. ineffective
6 .A rise in interest rate is likely to lead to
A. a demand for higher wages
B. an increase in the desire to buy goods on credit
C. a fall in the amount of money people want to hold
D. a decrease in private investment
7. A firm’s unit fixed cost will fall if the
A. demand for the firm’s product increases
B. demand for the firm’s product falls
C. supply for the firm’s product increases
D. supply for the firm’s products decreases
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8. An economy which is under inflationary pressure is most likely to reduce its
A. interest rate B. profit rate C. real income D.nominal rate
9. The total stock of goods is normally fixed in the
A. market period B. short run C. long run D. planning period
10. Which of the following is a monetary policy?
A. control of government expenditure to influence aggregate demand
B. reduction of tax on capital equipment to increase output
C. increase in wages to reduce income inequalities
D. the use of interest rate to influence the credit
Questions 11-20
This batch of questions from the November 2000 WASSCE Economics objective test paper contains questions and answers on some popular topics in the WAEC Economics syllabus.
Find questions on topics like population and the labour force, the theory of the firm, entrepreneurship and balance of payments.
11. Total cost minus total fixed cost is equal to
A. total normal profit B. total variable cost
C. total average cost D. total abnormal cost
12. When marginal product is equal to zero, then
A. average product is at its maximum B. total product is negative
C. average product begins to fall D. total product is at its maximum
13. The difference between the gross domestic product and the net domestic product is
A. foreign factor earnings B. allowance for depreciation
C. indirect tax and subsidies D. value of intermediate products
14. Efficient allocation of resources can be attained under
A. perfect competition B. subsidized production
C. a closed shop D. monopoly
15. Which of the following can be considered as a fixed cost of a firm?
A. wages B. interest on debt
C. expenditure on raw materials D. fuel and lubricants
16. In Ghana, income tax generally tends to be
A. progressive B. regressive C. equitable D. proportional
17. The level of population which makes possible the largest output per head is described as
A. optimum population B. overpopulation
C. underpopulation D. growing population
18. A high rate of illiteracy is an attribute of
A. an advanced country B. an industrializing country
C. a high income country D. a developing country
19. A financial statement of the transactions between a country and all other nations is called
A. a budget statement B. a development plan
C. balance of payment D. international debt
20. Benefits enjoyed by countries in trading relationships is
A. internal economies B. external economies
C. comparative advantage D. absolute advantage
Questions 21-30
21. If a firm shuts down, its variable cost will be
A. falling B. zero C. low D. unstable
22. The expression C = f(Y) means that
A. Y depends on C B. C depends on Y
C. Y and C have no relationship D. C has the same value as Y
23. Which f the following is not a source of finance for the sole proprietor?
A. sale of shares B. ploughing back profit
C. trade credit D. loans from friends
24. Goods with positive income elasticity are called
A. inferior goods B. normal goods
C. substitutes goods D. complementary goods
25. A firm should shut down its operation if revenue is
A. just equal to fixed cost B. more than fixed cost
C. less than variable cost D. more than variable cost
26. The International Monetary Fund (IMF) assists member countries to deal with
A. shortage of long-term loans
B. private sector liquidity problems
C. government budget deficit
D. temporary balance of payment problems
27. Property tax is an example of
A. indirect tax B. progressive tax C. direct tax D. regressive tax
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28. The decrease in the external value of a country’s currency through market forces is
A. devaluation B. depreciation C. deflation D. revaluation
29. Diminishing returns in the production process is the result of keeping
A. all inputs underutilized B. all inputs constants
C. one input fixed while others vary D. only one input underutilized
30. Steel can be classified as
A. a capital good B. an intermediate good
C. a natural resource D. an unperishable product
WASSCE Economics 2000 Questions 31-40
31. Which of the following is not a function of the entrepreneur?
A. distribution of profits B. bearing risks
C. providing capital D. combining factors of production
32. Capital equipment is a form of
A. natural input B. production input
C. financial resource D. human resource
33. The price of money is
A. salary B. profit C. interest D. rent
34. Raw materials form part of a firm’s
A. fixed cost B. average cost C. marginal cost D. variable cost
35. In Ghana, the size of the labour force will reduce if
A. the retirement age is increased
B. children under 18 years do not work
C. nursing mothers enjoy short maternity leave
D. the number of years devoted to education is shortened
36. Which of the following factors of production can act on its own initiative?
A. capital B. land C. labour D. raw materials
37. The income that is available to the individual after all taxes have been deducted is
A. total income B. average income
C. taxable income D. disposable income
38. An essential characteristic of a market economy is
A. consumer sovereignty B. community ownership
C. consumer surplus D. state control of resources
39. When the demand for foreign exchange exceeds its supply, the value of the domestic currency
A. appreciates B. depreciates C. inflates D. deflates
40. The use of products to satisfy human wants is
A. investment B. consumption C. depreciation D. distribution
Questions 41-50
41. Which of the following does not influence the volume of production?
A. the quality of the labour force B. economic and political stability
C. provision of social amenities D. sex distribution of the population
42. To choose among alternative uses is to
A. consume B. save C. economize D. distribute
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43. Marginal cost of production can be derived from
A. total cost only B. total variable cost only
C. both total and variable cost D. both total cost and fixed cost
44. A fall in the price of exports in the short run can lead to
A. balance of payment deficits B. depreciation of company assets
C. budget deficit D. devaluation
45. Government can redistribute income through
A. investment B. taxation C. inflation D. deflation
46. Expenditure on food takes the largest proportion of income in
A. advanced countries B. industrialized countries
C. capitalist countries D. developing countries
47. In a single commodity market, the consumer is in equilibrium when
A. marginal utility is equal to the price of the commodity
B. total utility is equal to the price of the commodity
C. marginal utility is greater than the price of the commodity
D. total utility is greater than the price of the commodity
48. A major source of finance for statutory corporations is
A. share contribution B. bank loans
C. government subvention D. trade bills
49. Queuing and black market are often the result of
A. minimum price control B. oversupply of goods
C. maximum price control D. monopoly power
50. The market rate of interest will be reduced if money supply
A. falls B. increases C. changes D. fluctuates
Questions 51-60
This final batch of the November 2000 WASSCE Economics objective questions covers the remaining major topics in the WAEC Economics syllabus.
See how questions are set on economic integration, public finance, deflation and types of population.
51. Which of the following institutions provides long-term capital for development?
A. The World Bank
B. The International Monetary Fund
C. The International Finance Corporation
D. The World Trade Organization
52. If resources in an economy are fully employed, any increase in total spending will cause
A. inflation B. deflation C. recession D. stagnation
53. A budget can be used to control inflation through
A. an increase in the rate of interest B. the reduction of indirect tax
C. open market operations D. an increase in commercial bank reserves
54. The use of exchange control to eliminate balance of payment deficits results in decreasing the
A. total income of the country B. general price level of the country
C. country’s exports D. Country’s imports
55. In a period of deflation, a government policy will aim at a
A. deficit budget B. higher income tax
C. surplus budget D. higher import tax
56. If the quantity of a commodity bought remains unchanged when the price of another commodity changes, the cross elasticity of demand is
A. negative B. zero C. one D positive
57. Operating inside a society’s production possibility frontier is
A. a way to stimulate economic growth
B. an indication of inefficient use of resources
C. a sign that the population is growing rapidly
D. an indication of very efficient use of resources
58. Under-population refers to a situation where the population is
A. greater, relative to the available resources
B. concentrated in a few areas
C. less relative to the available resources
D. dispersed over the country
59. An ad valorem tax is
A. based on the weight of an imported item
B. placed on imported goods
C. a given percentage of the value of goods
D. charged on the earnings of entrepreneurs
60. Economic integration of countries is described as a customs union when member countries have a common
A. agricultural policy B. tariffs on imports
C. currency in circulation D. form of economic policy
Final Thoughts
If you have been taking a very close look at the WASSCE Economics past questions on this site, you will realize something very interesting. A good number of past questions are repeated almost every year.
Trust WAEC not to give you the exact wording of all these repeated questions. But on a closer look, you will discover that it is the same thing that the questions keep saying or asking.
In fact, this shouldn’t be surprising at all. After all, the source of all WAEC questions remains the same year in and year out.
You can learn more about how WAEC set their questions here. This should enable you to prepare properly for any type of question you will meet in the exams.
Sorry about that. We’ll see to it.
Theory wassce june economics questions and answers aren’t included