Try 10 free Economics questions below, each with the answer explained. When you are ready, practise all 1,035 on a timed CBT screen.
The WASSCE (May/June) is the West African Examinations Council's final exam for secondary school students. Each subject has an objective (multiple-choice) paper and a theory or essay paper.
Tap an answer to check it and see the explanation.
Total cost is ₦3,110 at 39 units and ₦3,720 at 40 units. Find the marginal cost of the last unit.
Answer: D. MC = change in total cost = 3,720 − 3,110 = ₦610.
A household earns ₦21,000 and spends ₦12,600 on consumption. Find its average propensity to consume.
Answer: D. APC = consumption ÷ income = 12,600 ÷ 21,000 = 0.6.
When the price of a good rose from ₦2,000 to ₦2,200, quantity demanded fell from 4,000 to 3,200 units. Find the price elasticity of demand.
Answer: B. PED = % change in quantity ÷ % change in price = 20% ÷ 10% = 2 (ignoring the minus sign).
A firm sells 220 units at ₦580 each. To sell 230 units it must lower its price to ₦570. Find the marginal revenue per unit of the extra 10 units.
Answer: A. TR rises from 127,600 to 131,100; MR = change in TR ÷ change in quantity = 3,500 ÷ 10 = ₦350.
In Economics, economies of scale is best described as
Answer: C. Economies of scale: the cost advantages a firm gains from producing on a large scale.
If the marginal propensity to consume is 0.9, find the value of the multiplier.
Answer: A. Multiplier = 1 ÷ (1 − MPC) = 1 ÷ 0.1 = 10.
A market with only one seller is called
Answer: A. "Mono" means one: a single seller controls supply.
Land, labour, capital and ___ are the factors of production.
Answer: B. The entrepreneur organises the other three factors.
According to the law of demand, when price rises the quantity demanded
Answer: B. Other things equal, higher prices reduce the quantity demanded.
Inflation is
Answer: A. Inflation is a sustained increase in the general level of prices.
Real CBT screen, timed mock exams, your score by topic, and an explanation for every answer. Works on any phone.
Create a free accountQuestions in the MyGradePrep bank for each topic.
| Topic | Questions |
|---|---|
| Theory of the firm | 240 |
| National income | 187 |
| Costs and revenue | 120 |
| Consumption and savings | 62 |
| Basic concepts | 61 |
| Production | 61 |
| Elasticity | 61 |
| Money and inflation | 60 |
| Population and labour | 60 |
| Demand and supply | 60 |
| Price index | 60 |