WASSCE Economics · Paper 1 style

Economic systems

One sample question with the full working. 3 more in the app, with instant feedback and repair sessions for the traps below.

In a mixed economy, resources are allocated by

Aboth the price mechanism and the government
Btradition and custom alone
Cthe price mechanism alone
Dthe government alone

Show the answer and working

Answer: A

A mixed economy combines private and public sectors.

Trap B Picks another type in the same classification: Learn each classification as a table of types with one defining feature each (monopoly: one seller; monopsony: one buyer; command economy: central planning).

Trap C Gives only part of the answer: List every component in the definition (GDP = C + I + G + (X − M)) and tick them off before answering.

Trap D Picks a closely related concept: Learn related terms as contrasting pairs with one-line definitions, and identify which one the stem describes.

Traps in Economic systems

Picks another type in the same classification
Learn each classification as a table of types with one defining feature each (monopoly: one seller; monopsony: one buyer; command economy: central planning).
Gives only part of the answer
List every component in the definition (GDP = C + I + G + (X − M)) and tick them off before answering.
Picks a closely related concept
Learn related terms as contrasting pairs with one-line definitions, and identify which one the stem describes.
Chooses a true but irrelevant statement
Re-read the question's key term and test each option against it, not against whether it is true in general.
Reverses the direction of the effect
Trace the chain step by step (e.g. buying securities → banks gain cash → money supply rises) and check the sign at every link.

Practise Economic systems (3 questions)Send to your class on WhatsApp