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WAEC WASSCE Economics 2010 past questions and answers

This 2010 WAEC WASSCE Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2010 set with instant marking.

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Sample WAEC WASSCE Economics 2010 questions

1. Which indicator best distinguishes economic development from economic growth?
  1. A rise in real national output
  2. A rise in the total population
  3. An increase in the money supply
  4. A sustained rise in real income per head accompanied by improved welfare

Answer: D. A sustained rise in real income per head accompanied by improved welfare

Development includes qualitative improvements in welfare and living standards, while growth primarily refers to an increase in real output.

2. A major reason a government may adopt indicative planning is to
  1. replace every private decision with binding instructions
  2. abolish market prices throughout the economy
  3. transfer ownership of all firms to households
  4. guide private and public investment toward agreed objectives

Answer: D. guide private and public investment toward agreed objectives

Indicative planning signals priorities and coordinates decisions without making all private production targets compulsory.

3. A country records rising GDP, but most additional income goes to a small group and poverty remains widespread; this most clearly shows that
  1. all income inequality has disappeared
  2. GDP cannot measure the value of domestic production
  3. population must have fallen
  4. growth has not necessarily produced broadly shared development

Answer: D. growth has not necessarily produced broadly shared development

An increase in aggregate output can coexist with persistent poverty when the gains are not widely distributed.

4. If a country's population grows faster than its real national income, real income per head will generally
  1. rise at the same rate as population
  2. fall
  3. become equal to national income
  4. remain unchanged

Answer: B. fall

Real income per head is real national income divided by population, so faster population growth tends to reduce it.

5. A country's terms of trade improve when
  1. its import prices rise faster than its export prices
  2. its currency is replaced by a foreign currency
  3. the volume of imports exceeds exports
  4. its export prices rise relative to its import prices

Answer: D. its export prices rise relative to its import prices

The terms of trade measure export prices relative to import prices, so a rise in that ratio is an improvement.

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