WASSCE Economics Mock Test 1 (Attempt All Questions)

These WASSCE Economics Trial Test Questions have been provided to aid students in their preparation for the Economics paper 2.

Students attempting these questions must answer them well by communicating well the knowledge they have and not merely short sentences and grammar. Use the appropriate vocabulary in answering the questions. Support explanations with good examples, diagrams, graphs tables, etc where necessary to ensure you convince the examiner.

 

Students preparing for the WASSCE are challenged to attempt all questions.

WASSCE Economics Trial Mock Test 1 (Attempt All Questions)

Short Answer Test

a. Define the term “Human wants” and distinguish it from “Human Needs”

b. Distinguish clearly between “Scarcity and shortage”

c. What is choice? Explain why humans make choices.

d. Define the scale of preference and explains its relevance to economic units.

e. What is meant by Economic resources?

f.  Define each of the various economic resources.

g. In Economics, everything is scarce. To what extent is this statement true?

h. Define the following terms (Economic growth, Recession, Unemployment, and Technical Efficiency)

 

 

QUESTION 1:

1. [a] What is the difference between the scale of preference, and opportunity cost? [6 marks]

[d] What is the difference between Explicit and Implicit cost [4 marks]

[c] Explain the FOUR factors of production in detail [10 marks]

 

QUESTION 2:

[a]  Discuss five factors that affect demand [10 marks]

[b] With the aid of diagrams, clearly explain the change in demand and the change in quantity demanded.[10 marks]

[c] With the help of a diagram, explain (Complementary demand, Inelastic, unit elastic, and Elastic demand) [10 marks]

 

QUESTION 3:

[a] List and explain FIVE factors that affect individual supply [10 marks]

[b] Define economics and explain it main components. [10 marks]

[c] Explain any four factors that affect the elasticity of demand [10 marks]

QUESTION 4:

[a] Discuss five factors that determine supply[10 marks]

[c] Explain four differences between micro and macro-economics [10 marks]

 

QUESTION 6:

[a] Explain the reasons for holding money. [10 marks]

[b] Discuss the features of money [10 Marks]

 

QUESTION 7

[a] What is specialization [2 marks]

[b] Explain any three advantages and disadvantages of specialization [9 marks]

[c] With the help of a diagram explain Complementary demand and its effect on demand.  [4marks]

 

QUESTION 8:

[a] What is the difference between individual demand and aggregate? [3 marks]

[b] With the aid of diagrams, clearly explain a change in demand and a change in quantity demanded of a product. [8 marks]

[c] With the help of a diagram explain Composite Demand and its effect on demand/ [4marks]

READ: WASSCE HOME MOCK Examiners Needed: Apply Now

QUESTION 9:

[a] List and explain five factors that affect individual supply [10 marks]

[b] The definition of Economics by Adams Smith helps to understand the study of economics, discuss. [10 marks]

 

QUESTION 10:

[a] Distinguish between free goods and economic goods. [10 marks]

[b]  Why is it often said that Economics is concerned with the best way to use economic goods and not free goods? [10 marks]

 

QUESTION 11:

[a] State the “law of the increasing opportunity cost” and explain why it arises in the use of scarce economic resources.

[b]  Explain the three basic economic problems of every nation.

 

All students are advised to solve the above WASSCE Economics Trial Mock Test. Those with challenges should seek help from their friends, teachers, and their textbooks