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WAEC WASSCE Economics 2019 past questions and answers

This 2019 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 2019 set with instant marking.

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Sample WAEC WASSCE Economics 2019 questions

1. Which reward is conventionally associated with the factor of production called capital?
  1. Rent
  2. Interest
  3. Wages
  4. Profit

Answer: B. Interest

Interest is the conventional reward paid for the use of capital.

2. A person who combines land, labour and capital, makes production decisions and bears business risk is performing the role of the
  1. consumer
  2. labourer
  3. landlord
  4. entrepreneur

Answer: D. entrepreneur

An entrepreneur organizes the other factors of production and bears the risks of the enterprise.

3. A workshop's output rises from 24 chairs to 31 chairs after one additional worker is employed, with other inputs unchanged; the marginal product of that worker is
  1. 7 chairs
  2. 24 chairs
  3. 31 chairs
  4. 55 chairs

Answer: A. 7 chairs

Marginal product is the change in output, which is 31 minus 24 or 7 chairs.

4. A farm produces 360 bags of maize using 12 workers; its average product per worker is
  1. 12 bags
  2. 24 bags
  3. 30 bags
  4. 348 bags

Answer: C. 30 bags

Average product is total output divided by workers, so 360 divided by 12 equals 30 bags.

5. When each worker repeatedly performs one specialized stage of making a product, the most direct likely result is
  1. the disappearance of all production costs
  2. greater output per worker through specialization
  3. the elimination of the need for exchange
  4. equal income for every worker

Answer: B. greater output per worker through specialization

Specialization can raise productivity because workers become more skilled and spend less time switching tasks.

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