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WAEC WASSCE Economics 2005 past questions and answers

This 2005 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 2005 set with instant marking.

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Sample WAEC WASSCE Economics 2005 questions

1. If consumption is N240 billion, investment N80 billion, government expenditure N90 billion, exports N50 billion and imports N40 billion, what is GDP by the expenditure method?
  1. N420 billion
  2. N460 billion
  3. N500 billion
  4. N380 billion

Answer: A. N420 billion

GDP is C + I + G + (X - M) = 240 + 80 + 90 + (50 - 40) = N420 billion.

2. A country's nominal GDP is N720 billion and its GDP deflator is 120, where the base-year index is 100; what is real GDP at base-year prices?
  1. N864 billion
  2. N600 billion
  3. N720 billion
  4. N500 billion

Answer: B. N600 billion

Real GDP is nominal GDP multiplied by 100 and divided by the deflator, giving N720 billion x 100 / 120 = N600 billion.

3. If a country's national income is N480 billion and its population is 24 million, what is national income per person?
  1. N2,000
  2. N12,000
  3. N20,000
  4. N200,000

Answer: C. N20,000

Per capita income is total income divided by population, so N480 billion / 24 million = N20,000.

4. A farmer sells grain for N100, a miller sells flour made from it for N160, and a baker sells bread made from the flour for N250; what is the total value added across these stages?
  1. N510
  2. N410
  3. N160
  4. N250

Answer: D. N250

Total value added is N100 + (N160 - N100) + (N250 - N160) = N250, which avoids double-counting intermediate goods.

5. A trader marks a bag of rice at N45,000 so buyers can compare its price with other goods; which function of money is being illustrated?
  1. Unit of account
  2. Store of value
  3. Medium of exchange
  4. Standard of deferred payment

Answer: A. Unit of account

Using money to state and compare prices makes it a unit of account.

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