Question 1
The fundamental economic problem that gives rise to the study of economics is best described as:
Correct Answer:
Scarcity of resources relative to unlimited wants
Question 2
Opportunity cost is best defined as:
Correct Answer:
The next best alternative forgone when a choice is made
Question 3
Which of the following is NOT a factor of production?
Correct Answer:
Money
Question 4
The reward that accrues to the entrepreneur as a factor of production is:
Correct Answer:
Profit
Question 5
A production possibility curve (PPC) that is concave to the origin illustrates:
Correct Answer:
Increasing opportunity cost
Question 1
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About this Exam

Prepare with the WASSCE Economics Practice Questions - WASSCE Economics (West African Examinations Council) Exam practice quiz. This question bank includes 100 questions covering price, demand, firm, cost, and market. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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WASSCE Economics Practice Questions - WASSCE Economics (West African Examinations Council) Exam

This practice set contains 100 questions from the matching question bank and focuses on price, demand, firm, cost, and market. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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