WASSCE ECONOMICS PAST QUESTION PAPER 2021 PDF – PC: Instruction: Answer four questions in all: one question only from section A and any three questions from section B. You are reminded of the importance of clarity of expression and orderly presentation of relevant materials. All questions carry equal marks.
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SECTION A: Answer one question only from this section
- Table 1 below represents the cost and revenue positions of a firm producing roofing sheets. Study the table and answer the questions that follow.
|Output (kg)||Total Revenue ($)||Marginal Revenue ($)||Total Cost ($)||Marginal Cost ($)|
- (a) Compute the values of I, J and K
- (b) What is the equilibrium output level of the firm? Explain your answer
- (c) Calculate the profit or loss at the equilibrium output level
- (d) Is it economical for the firm to produce beyond 50kg? Explain your answer
- (e) In what market structure is the form operating? Explain your answer
2. Table below shows the assets, income and tax obligations of a retired worker. Use the data to answer the questions that follow.
|Value of House owned||200,000|
|Annual Rent from House||48,000|
|Value of School owned||550,000|
|Annual Profit from School||35,000|
|Annual income Tax||33,500|
|Property Tax per year||10,000|
|Value of Taxi owned||17,500|
|Yearly Profit from Taxi||23,000|
- (a) Calculate his:
- (i) annual total income
- (ii) annual disposable income
- (iii) total value of capital assets
- (b) Compute his disposable income per month
- (c) If he pays 15% of his annual disposable income to the social welfare as his social responsibility, how much is left?
SECTION B (WASSCE ECONOMICS PAST QUESTION PAPER 2021 PDF – PC)
Answer three question only from this section
- 3. (a) Define scale of preference.
- (b) Identify the ways through which scale of preference can assist:
- (i) an individual
- (ii) a firm
- (iii) a government
- (c) Explain any three reasons why the study of Economics is useful.
- 4. (a) Define a market economy
- (b) Distinguish between capital intensive and labour intensive methods of production.
- (c) How is the economic problem of what to produce resolved in a:
- (i) market economy;
- (ii) socialist economy
- (iii) mixed economy
- 5. (a) Define elasticity of demand.
- (b) Explain the following:
- (i) price elasticity of demand;
- (ii) cross elasticity of demand
- (iii) income elasticity of demand
- (c) Draw diagrams only to illustrate the following elasticities
- (i) unitary elastic supply
- (ii) perfectly inelastic supply
- (iii) infinitely elastic supply
- 6. (a) Define natural budget.
- (b) Explain with an example each:
- (i) capital expenditure
- (ii) recurrent expenditure
- In what four ways is a budget necessary for a government
- 7 (a) Explain the following forms of economic co-operation:
- (i) free trade area;
- (ii) customs union
- Outline four problems hampering the effective economic integration of West African countries
- 8 (a) What are forest resources?
- (b) Identify any two ways of conserving forest resources
- (c) Explain any four contributions of forest resources to the economy of a country
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