100+ Free WASSCE Economics Practice Questions

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Key Facts: WASSCE Economics Exam

50 questions

WASSCE Economics Paper 1 has 50 compulsory multiple-choice questions worth 50 marks

WAEC Economics syllabus and examination scheme

1 hour

Time allowed for the Economics Paper 1 objective test

WAEC Economics examination scheme

80 marks

Paper 2 essay and data-response paper is worth 80 marks over 2 hours

WAEC Economics examination scheme

A1 to F9

WASSCE grade scale, with A1 to C6 counting as credit passes

WAEC WASSCE grading system

5 countries

WASSCE is taken in Nigeria, Ghana, Sierra Leone, Liberia and The Gambia

West African Examinations Council

20 topics

The Economics syllabus is organised into about 20 teaching topics

WAEC Economics syllabus

About N27,000

2026 WASSCE registration fee for Nigerian school candidates (all subjects)

WAEC Nigeria 2026 registration

100

Free original objective-style practice questions in this bank

OpenExamPrep

WASSCE Economics is the senior secondary Economics subject set by the West African Examinations Council (WAEC) for candidates in Nigeria, Ghana, Sierra Leone, Liberia and The Gambia. It is examined in two papers at one sitting: Paper 1 has 50 compulsory multiple-choice questions (50 marks, 1 hour) and Paper 2 is an essay and data-response paper (80 marks, 2 hours). The syllabus runs from basic concepts and demand and supply through production, market structures, money and banking, public finance, national income, international trade and West African economic integration. Results use the WASSCE A1 to F9 scale, with A1 to C6 as credit passes. This 100-question bank gives original objective-style practice across all of those topics.

Sample WASSCE Economics Practice Questions

Try these sample questions to test your WASSCE Economics exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1The fundamental economic problem that gives rise to the study of economics is best described as:

A.Unlimited resources and limited wants

B.Scarcity of resources relative to unlimited wants

C.Too much money in circulation

D.Lack of trained economists

Explanation: Economics arises because human wants are unlimited while the resources available to satisfy them are scarce. This scarcity forces individuals and societies to make choices about how to allocate resources.

2Opportunity cost is best defined as:

A.The money price paid for a good

B.The next best alternative forgone when a choice is made

C.The total cost of all alternatives available

D.The cost of producing one extra unit of output

Explanation: Opportunity cost is the value of the next best alternative that is given up when a particular choice is made. It reflects the real cost of any decision in terms of forgone options.

3Which of the following is NOT a factor of production?

A.Land

B.Labour

C.Money

D.Capital

Explanation: The four factors of production are land, labour, capital and entrepreneurship. Money is not a factor of production; it is a medium of exchange used to acquire the factors.

4The reward that accrues to the entrepreneur as a factor of production is:

A.Rent

B.Wages

C.Interest

D.Profit

Explanation: The entrepreneur organises the other factors and bears the risk of production. The reward for this function is profit, which is what remains after all other costs are paid.

5A production possibility curve (PPC) that is concave to the origin illustrates:

A.Constant opportunity cost

B.Increasing opportunity cost

C.Zero opportunity cost

D.Decreasing opportunity cost

Explanation: A PPC that bows outward (concave to the origin) shows increasing opportunity cost: as more of one good is produced, increasing amounts of the other good must be given up because resources are not equally suited to all uses.

6In a free market (capitalist) economy, the basic economic questions of what, how and for whom to produce are mainly answered by:

A.Government central planners

B.The price mechanism and forces of demand and supply

C.Traditional customs

D.International organisations

Explanation: In a capitalist or free-market economy, decisions about what, how and for whom to produce are determined by the price mechanism, that is, the interaction of demand and supply with minimal government interference.

7An economic system in which both private individuals and the government own and control resources is known as a:

A.Pure capitalist economy

B.Pure socialist economy

C.Mixed economy

D.Subsistence economy

Explanation: A mixed economy combines private and public ownership and control of resources. Most modern economies, including those in West Africa, are mixed economies.

8Which of the following best describes division of labour?

A.Sharing profit among workers

B.Breaking a production process into separate tasks performed by different workers

C.Dividing land equally among farmers

D.Paying workers according to output

Explanation: Division of labour means splitting a production process into separate tasks so that each worker specialises in one task. This raises productivity through increased skill and efficiency.

9The scores of 7 students in an Economics test are 4, 6, 6, 8, 10, 12 and 17. The median score is:

A.6

B.8

C.9

D.10

Explanation: The median is the middle value when data are arranged in order. With 7 values already in ascending order, the 4th value is the middle one, which is 8.

10The arithmetic mean of the data 4, 6, 6, 8, 10, 12 and 17 is:

A.8

B.9

C.10

D.12

Explanation: The mean is the sum of the values divided by their number. The sum is 63 and there are 7 values, so the mean is 63 divided by 7, which equals 9.

About the WASSCE Economics Exam

WASSCE Economics is the senior secondary Economics subject examined by the West African Examinations Council (WAEC) for the West African Senior School Certificate Examination, taken by final-year students in Nigeria, Ghana, Sierra Leone, Liberia and The Gambia. It is examined in two papers at one sitting: Paper 1 is 50 compulsory multiple-choice (objective) questions worth 50 marks, and Paper 2 is an essay and data-response paper worth 80 marks. The syllabus covers basic economic concepts and systems; demand, supply and price determination; production, costs and market structures; money, banking, national income and public finance; and international trade and West African economic development. Questions emphasise understanding and application of economic principles to West African problems rather than rote learning. Results are reported on the standard WASSCE A1 to F9 grade scale, with A1 to C6 counting as credit passes for further study.

Assessment

Two papers at one sitting. Paper 1: 50 compulsory multiple-choice (objective) questions, 50 marks. Paper 2: Section A data response (answer one of two) and Section B essays (answer three of six), 80 marks.

Time Limit

About 3 hours total: Paper 1 (objective) 1 hour and Paper 2 (essay and data response) 2 hours.

Passing Score

Results are graded A1 to F9. A1 to C6 are credit passes, D7 and E8 are ordinary passes and F9 is a fail. Universities generally require credit passes (A1 to C6); no separate cutoff is published for the objective paper.

Exam Fee

Set by WAEC per country and year and paid as part of overall WASSCE registration. For Nigeria 2026, about N27,000 for school candidates and N37,000 for private (GCE) candidates; Ghana, Sierra Leone, Liberia and The Gambia set their own fees. (West African Examinations Council (WAEC))

WASSCE Economics Exam Content Outline

18%

Basic Economic Concepts and Systems

Definition and scope of economics, scarcity, choice and opportunity cost, the production possibility curve, factors of production and their rewards, basic economic problems, economic systems and basic statistical tools used in economics.

20%

Demand, Supply and Price Determination

The laws of demand and supply and their determinants, normal, inferior, Giffen and complementary goods, price and income elasticity, equilibrium price and quantity, the effects of shifts, price controls and the price mechanism.

20%

Production, Costs and Market Structures

Theory of production, the law of diminishing returns, division of labour, fixed and variable costs, average and marginal cost and revenue, the firm and industry, economies of scale, and perfect competition, monopoly, oligopoly and monopolistic competition.

17%

Money, Banking and Public Finance

Functions and characteristics of money, the demand for and supply of money, commercial and central banks, inflation and deflation, national income concepts and measurement, government revenue and expenditure, taxation, the budget and public debt.

25%

International Trade and Economic Development

Bases for international trade, balance of trade and payments, exchange rates and tariffs, population and the labour market, agriculture and industrialisation, economic growth and development and planning, and ECOWAS and international bodies such as OPEC, IMF and the AfDB.

How to Pass the WASSCE Economics Exam

What You Need to Know

Passing score: Results are graded A1 to F9. A1 to C6 are credit passes, D7 and E8 are ordinary passes and F9 is a fail. Universities generally require credit passes (A1 to C6); no separate cutoff is published for the objective paper.
Assessment: Two papers at one sitting. Paper 1: 50 compulsory multiple-choice (objective) questions, 50 marks. Paper 2: Section A data response (answer one of two) and Section B essays (answer three of six), 80 marks.
Time limit: About 3 hours total: Paper 1 (objective) 1 hour and Paper 2 (essay and data response) 2 hours.
Exam fee: Set by WAEC per country and year and paid as part of overall WASSCE registration. For Nigeria 2026, about N27,000 for school candidates and N37,000 for private (GCE) candidates; Ghana, Sierra Leone, Liberia and The Gambia set their own fees.

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

WASSCE Economics Study Tips from Top Performers

1Work through the official WAEC Economics syllabus topic by topic so you can recognise which of the five main areas every objective question is testing.

2Practise drawing and reading demand and supply diagrams; many objective questions ask you to predict how price or quantity moves when a curve shifts.

3Memorise the core formulas, especially price elasticity of demand, average and marginal cost, and national income identities, then practise plugging in numbers quickly.

4Learn West African specifics such as ECOWAS objectives, the roles of OPEC, IMF and the AfDB, and the structure of agriculture and industry in the region.

5Time yourself at roughly one minute per objective question so you can comfortably finish all 50 in the 1-hour Paper 1.

6Use past objective papers to spot recurring definitions and distinctions (for example normal versus inferior goods, fiscal versus monetary policy) that examiners test repeatedly.

Frequently Asked Questions

How many questions are on WASSCE Economics Paper 1?

Paper 1 is the objective paper with 50 compulsory multiple-choice questions worth 50 marks, to be answered in 1 hour. Paper 2 is a separate essay and data-response paper worth 80 marks.

How long is the WASSCE Economics examination?

The two papers are taken at one sitting and total about 3 hours: Paper 1 (objective) lasts 1 hour and Paper 2 (essay and data response) lasts 2 hours.

What grade do I need to pass WASSCE Economics?

WASSCE uses an A1 to F9 scale. A1 to C6 are credit passes, D7 and E8 are ordinary passes and F9 is a fail. Most universities require a credit (A1 to C6) in subjects like Economics.

Which countries take the WAEC WASSCE Economics exam?

WASSCE is administered by WAEC in Nigeria, Ghana, Sierra Leone, Liberia and The Gambia. The Economics syllabus is shared across these countries, with country-specific registration and fees.

What topics does WASSCE Economics cover?

The syllabus covers basic concepts and economic systems; demand, supply and price; production, costs and market structures; money, banking, national income and public finance; and international trade and West African economic development.

Are these official WAEC Economics questions?

No. These are original OpenExamPrep practice questions modelled on the WASSCE Economics objective syllabus. WAEC publishes its own syllabus and past papers separately through official channels.

100+ Free WASSCE Economics Practice Questions

WASSCE Economics