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WAEC WASSCE Economics 2006 past questions and answers

This 2006 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 2006 set with instant marking.

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Sample WAEC WASSCE Economics 2006 questions

1. A factory divides the making of a chair into separate tasks performed by different workers. Which is the most likely immediate benefit?
  1. Workers become more specialized and output per worker may rise
  2. The factory no longer needs capital equipment
  3. The market price of every chair must fall to zero
  4. The factory eliminates the need for raw materials

Answer: A. Workers become more specialized and output per worker may rise

Division of labour allows workers to specialize, which can improve skill and productivity.

2. A point inside a country's production possibility curve most directly indicates that the country is
  1. producing beyond its available resources
  2. underusing some resources or using them inefficiently
  3. producing at the maximum attainable output combination
  4. facing no opportunity cost in production

Answer: B. underusing some resources or using them inefficiently

An interior point is attainable but signals that available resources are not being fully or efficiently used.

3. When successive workers are added to a fixed-size plot of land, the marginal product of labour eventually falls because
  1. the plot automatically increases in size
  2. all workers become fixed factors
  3. the fixed factor becomes increasingly insufficient relative to the variable factor
  4. total output must immediately become zero

Answer: C. the fixed factor becomes increasingly insufficient relative to the variable factor

With land fixed, adding more labour eventually causes each extra worker to contribute less additional output.

4. A firm's long-run average cost falls as its scale of production expands; this is evidence of
  1. diminishing marginal utility
  2. a budget deficit
  3. diseconomies of scale
  4. economies of scale

Answer: D. economies of scale

Economies of scale occur when expansion lowers the average cost of production.

5. A firm has total cost of N12,000 and total variable cost of N8,000 at a given output. What is its total fixed cost?
  1. N4,000
  2. N8,000
  3. N12,000
  4. N20,000

Answer: A. N4,000

Total fixed cost equals total cost minus total variable cost, or N12,000 - N8,000 = N4,000.

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