Predicted WASSCE Economics Questions for Final Year Students

Are you preparing for the Economics Paper for WASSCE students administered by WAEC? If yes, solve these Predicted WASSCE Economics Questions for Final Year Students. Teachers should also make good use of these questions are part of their revisions with their Economics students.

 

Predicted WASSCE Economics Questions for Final Year Students

Question 1 

[a]  What is Oligopoly?

[b]  Discuss why Oligopolies may compete by some means instead of price

[c] Explain the conditions that make collusion possible and profitable under Oligopoly.

 

Question 2

[a] Compare and contrast the main features of Oligopoly and Monopoly.

[b] Explain why the Oligopoly demand curve might be kinked.

[c] Discuss why does cooperation among competitors often occurs in oligopolies?

 

Question 3

In Ghana, hairdressers are in monopolistic competition; soap makers are in an oligopoly and Ghana Water Company is in a monopoly market.

[a] Explain each of these markets

[b] Explain the methods that may be adopted by each firm to market its output.

[c] Explain one advantage each market type has over the rest.

 

Question 4

[a] What is meant by Monopolistic competition?

[b] Explain how in the long run any economic profits might be eliminated under monopolistic competition.

[c] Compare and contrast the perfectly competitive firm and the monopolistic competitive firm.

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Question 5

[a] Compare and contrast the short-run equilibrium of a monopolistic competitive firm with a single-price monopoly firm.

[b]  How does a monopolistic competitive firm determine its equilibrium price-output contribution?

[c] What is a pure monopoly? Discuss the factors that may give rise to monopoly power.

 

Question 6

[a] What is Price discrimination?

[b] Explain the factors that give rise to monopoly power.

[c] Explain why a monopolist might charge different prices for its product.

 

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Question 7

[a] Complete the table by calculating the marginal cost, total revenue, marginal revenue, and profit (loss)

[b] Determine the monopolist’s profit-maximizing quantity and price.

[c] Plot the Total revenue and Total cost curves on a graph sheet and identify the level of output and level of profits.

[d] On the graph, plot marginal cost, average cost, demand, and marginal revenue data and identify the level of profit and profit maximization level output and price.

We how these Predicted WASSCE Economics Questions for Final Year Students have helped you to revise your topics covered here.