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WAEC WASSCE Economics 2009 past questions and answers

This 2009 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 2009 set with instant marking.

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Sample WAEC WASSCE Economics 2009 questions

1. A country's merchandise exports are valued at N480 million while its merchandise imports are N525 million. What is its balance of trade?
  1. A deficit of N45 million
  2. A surplus of N45 million
  3. A deficit of N1,005 million
  4. A balanced trade account

Answer: A. A deficit of N45 million

The balance of trade is exports minus imports, so N480 million minus N525 million gives a deficit of N45 million.

2. If Nigeria officially devalues the naira, other things being equal, what is the most direct likely effect on imports priced in foreign currency?
  1. They become cheaper in naira
  2. They become more expensive in naira
  3. Their foreign-currency prices automatically fall
  4. Their quantity is fixed permanently

Answer: B. They become more expensive in naira

Devaluation reduces the naira's foreign exchange value, so a given foreign-currency price costs more naira.

3. A country's export price index is 150 and its import price index is 125. What is its net barter terms of trade index?
  1. 83.3
  2. 100
  3. 120
  4. 275

Answer: C. 120

The terms of trade index is (export price index / import price index) x 100, which is (150 / 125) x 100 = 120.

4. Which institution is principally associated with providing temporary financial assistance to countries facing balance-of-payments difficulties?
  1. The International Labour Organization
  2. The World Trade Organization
  3. The Food and Agriculture Organization
  4. The International Monetary Fund

Answer: D. The International Monetary Fund

The International Monetary Fund provides financial support and policy assistance to members with balance-of-payments problems.

5. Which is a likely economic effect on a city when many working-age people migrate there from rural areas?
  1. The urban supply of labour increases
  2. The city's land area immediately expands
  3. The demand for all urban services disappears
  4. The rural population becomes larger

Answer: A. The urban supply of labour increases

Working-age migrants add to the number of people available to work in the receiving city.

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