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WAEC WASSCE Economics 2002 past questions and answers

This 2002 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 2002 set with instant marking.

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Sample WAEC WASSCE Economics 2002 questions

1. A production possibility curve bowed outward from the origin indicates that producing more of one good usually involves
  1. a constant opportunity cost
  2. an increasing opportunity cost
  3. a falling opportunity cost
  4. no opportunity cost

Answer: B. an increasing opportunity cost

A bowed-out curve reflects resources becoming less suited to the good whose output is being expanded, so opportunity cost rises.

2. One likely gain from specialization among workers is that it
  1. removes the need for exchange
  2. makes all workers equally skilled
  3. eliminates unemployment
  4. allows workers to become more proficient at particular tasks

Answer: D. allows workers to become more proficient at particular tasks

Repeatedly performing a limited task can improve workers' skill and raise output per worker.

3. A possible disadvantage of an extensive division of labour is that workers may
  1. become bored by repetitive tasks
  2. lose all opportunity to specialize
  3. produce fewer units per hour in every case
  4. be unable to use machinery

Answer: A. become bored by repetitive tasks

Highly repetitive work can become monotonous and reduce workers' satisfaction.

4. When a firm's average cost falls as it expands output over a range, the firm is experiencing
  1. diminishing returns
  2. diseconomies of scale
  3. economies of scale
  4. price discrimination

Answer: C. economies of scale

Economies of scale occur when expansion reduces average cost over the relevant range of production.

5. Assuming other factors remain unchanged, a rise in the price of a good causes
  1. an increase in demand for the good
  2. a contraction in quantity demanded of the good
  3. a shift of the demand curve to the right
  4. an increase in the supply of the good

Answer: B. a contraction in quantity demanded of the good

A change in the good's own price causes movement along its demand curve, so a price rise contracts quantity demanded.

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