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WAEC WASSCE Economics 2018 past questions and answers

This 2018 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 2018 set with instant marking.

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Sample WAEC WASSCE Economics 2018 questions

1. Economics is chiefly concerned with how society
  1. allocates scarce resources among competing uses
  2. eliminates all differences in income
  3. produces only goods for export
  4. sets the prices of every product by law

Answer: A. allocates scarce resources among competing uses

Economics examines choices about allocating scarce resources to satisfy competing wants.

2. A farmer uses a plot of land to grow maize instead of cassava; the opportunity cost of growing maize is the
  1. money spent on maize seed
  2. value of the cassava output forgone
  3. total revenue from maize and cassava
  4. wages paid to maize workers

Answer: B. value of the cassava output forgone

Opportunity cost is the value of the next best alternative sacrificed.

3. A point inside a production possibility curve indicates that an economy is
  1. producing beyond its resource capacity
  2. using all resources at maximum efficiency
  3. unable to increase production of either good
  4. not fully using its available resources

Answer: D. not fully using its available resources

An interior point represents attainable output with some resources unemployed or inefficiently used.

4. One likely benefit of division of labour in a factory is that it
  1. makes every worker produce the whole product
  2. removes the need for machinery
  3. increases workers' skill and output per unit of time
  4. guarantees equal wages for all workers

Answer: C. increases workers' skill and output per unit of time

Repeated performance of a specialized task can improve workers' skill and productivity.

5. If rice is a normal good, a rise in consumers' income, other things being equal, will
  1. shift the demand curve for rice to the right
  2. cause movement down the existing demand curve
  3. shift the supply curve for rice to the left
  4. reduce the quantity of rice demanded at every price

Answer: A. shift the demand curve for rice to the right

Higher income raises demand for a normal good at each price, shifting its demand curve rightward.

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