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WAEC WASSCE Economics 2000 past questions and answers

This 2000 WAEC WASSCE Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2000 set with instant marking.

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Sample WAEC WASSCE Economics 2000 questions

1. Economics is primarily concerned with how people and societies
  1. produce only agricultural goods
  2. allocate scarce resources among competing uses
  3. eliminate every human want
  4. set identical prices for all goods

Answer: B. allocate scarce resources among competing uses

Economics studies choices about allocating scarce resources to satisfy competing wants.

2. A community has limited funds and must choose between building a clinic and repairing a road; this decision arises because
  1. all resources are unlimited
  2. the community has no wants
  3. resources are scarce relative to its wants
  4. the two projects have identical costs

Answer: C. resources are scarce relative to its wants

Scarcity forces the community to choose among projects competing for limited funds.

3. A farmer uses a field to grow maize instead of cassava, the next-best crop; the opportunity cost of growing maize is
  1. the money spent on every farm input
  2. the total quantity of maize harvested
  3. the farmer's annual tax payment
  4. the cassava output forgone

Answer: D. the cassava output forgone

Opportunity cost is the value of the next-best alternative sacrificed.

4. A point inside a country's production possibility curve indicates that
  1. some productive resources are unemployed or inefficiently used
  2. the country is producing beyond its current capacity
  3. the country has no opportunity cost
  4. all available resources are fully employed

Answer: A. some productive resources are unemployed or inefficiently used

An interior point represents output below potential, commonly because resources are idle or inefficiently used.

5. Which set contains the four traditional factors of production?
  1. Money, prices, taxes and exports
  2. Land, labour, capital and enterprise
  3. Demand, supply, utility and income
  4. Farms, factories, shops and banks

Answer: B. Land, labour, capital and enterprise

The traditional factors are land, labour, capital and enterprise.

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