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WAEC WASSCE Economics 2017 past questions and answers

This 2017 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 2017 set with instant marking.

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Sample WAEC WASSCE Economics 2017 questions

1. A student has enough money to buy either a textbook or a pair of shoes and chooses the textbook. What is the opportunity cost of the choice?
  1. The pair of shoes forgone
  2. The money saved by buying the textbook
  3. The total cost of producing both goods
  4. The usefulness of the textbook

Answer: A. The pair of shoes forgone

Opportunity cost is the value of the next best alternative forgone, which is the pair of shoes.

2. Other things being equal, what normally happens to the quantity demanded of a good when its price falls?
  1. It falls because demand contracts
  2. It rises because there is an extension of demand
  3. It remains unchanged because only supply responds to price
  4. It rises only if consumers' incomes fall

Answer: B. It rises because there is an extension of demand

A fall in a good's own price normally causes an extension in quantity demanded along the demand curve.

3. The price of a product rises by 8% and its quantity demanded falls by 12%. What is the absolute value of its price elasticity of demand?
  1. 0.67
  2. 1.20
  3. 1.50
  4. 20.00

Answer: C. 1.50

The absolute price elasticity is 12% divided by 8%, which equals 1.5.

4. Which change is most likely to shift the supply curve of bread to the left?
  1. A fall in the price of bread
  2. An improvement in baking technology
  3. A subsidy paid to bakeries
  4. A rise in the price of flour

Answer: D. A rise in the price of flour

A higher flour price raises production costs and reduces the quantity suppliers are willing to offer at each bread price.

5. In a market, quantity demanded is Qd = 100 - 2P and quantity supplied is Qs = 20 + 2P. What are the equilibrium price and quantity?
  1. P = 20 and Q = 60
  2. P = 15 and Q = 70
  3. P = 25 and Q = 50
  4. P = 10 and Q = 80

Answer: A. P = 20 and Q = 60

Equating 100 - 2P to 20 + 2P gives P = 20, and substituting gives Q = 60.

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