Likely WASSCE Economics Questions for SHS students 🇬🇭 WASSCE Economics usually has Paper 1 = Objectives and Paper 2 = Essay/Data Response. WAEC repeats themes, so these topics show up almost every year. Paper 1: Objectives - High-probability topics Basic Concepts: Scarcity, choice, scale of preference, opportunity cost Demand & Supply: Laws, determinants, equilibrium, types of elasticity Production: Factors, division of labour, economies of scale, production possibility curve Market Structures: Perfect competition, monopoly, oligopoly - features National Income: GDP, GNP, NNP, problems of measurement Money & Banking: Functions of money, types of banks, Central Bank functions Public Finance: Taxation types, budget, national debt International Trade: Reasons, balance of payments, exchange rates, ECOWAS Population: Census, Malthusian theory, rural-urban migration Agriculture in West Africa: Problems, solutions, role of cooperatives Paper 2: Essay/Data Response - Banker questions These appear year after year in some form: Micro - Section A "With the aid of diagrams, explain the law of demand. Why may the law not hold?" WAEC loves exceptions: Giffen goods, Veblen goods, expectation of future price rise "Distinguish between change in quantity demanded and change in demand. Illustrate with diagrams." "Explain 5 factors that determine the size of a firm." Capital, market size, management, government policy, nature of product "What is price elasticity of demand? Explain 4 factors that affect it." Macro - Section B "What is inflation? Explain 4 causes and 4 effects of inflation in Ghana." Demand-pull, cost-push, imported inflation. Effects: creditors lose, savings fall "Outline 5 functions of the Bank of Ghana." Banker to gov’t, issue currency, control credit, lender of last resort, banker’s bank "Discuss 5 problems facing agriculture in West Africa and suggest solutions." "Explain 5 reasons for international trade. What are 4 problems of international trade?" "Distinguish between direct and indirect taxes. State 3 advantages of each." "What is national income? Describe 3 methods of measuring it and 2 problems." Data Response - Section C Usually 1 question with a table/graph. Common ones: - Population pyramid - interpret and give implications - Balance of trade table - calculate balance, explain deficit/surplus - Demand schedule - plot curve, calculate elasticity - National income data - calculate GDP, per capita income