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WAEC WASSCE Economics 2012 past questions and answers

This 2012 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 2012 set with instant marking.

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Sample WAEC WASSCE Economics 2012 questions

1. A government collects ₦420 million in revenue and spends ₦480 million in a year. What is the budget position?
  1. A surplus of ₦60 million
  2. A balanced budget
  3. A deficit of ₦60 million
  4. A deficit of ₦900 million

Answer: C. A deficit of ₦60 million

Expenditure exceeds revenue by ₦480 million − ₦420 million = ₦60 million, so there is a deficit.

2. Which feature distinguishes a progressive tax system?
  1. The tax rate rises as taxable income rises
  2. Every taxpayer pays the same total amount
  3. The tax rate falls as taxable income rises
  4. Only imported goods are taxed

Answer: A. The tax rate rises as taxable income rises

Under progressive taxation, higher income bands face higher tax rates.

3. Using the expenditure method, which expression is used to estimate gross domestic product?
  1. Wages + rent + interest + profit
  2. Exports − imports only
  3. Household saving + tax revenue
  4. Consumption + investment + government spending + net exports

Answer: D. Consumption + investment + government spending + net exports

The expenditure method adds consumption, investment, government expenditure and net exports.

4. To convert GDP at factor cost to GDP at market prices, one should add
  1. depreciation and exports
  2. indirect taxes and subtract subsidies
  3. imports and transfer payments
  4. personal income tax and savings

Answer: B. indirect taxes and subtract subsidies

Market prices include net indirect taxes, so indirect taxes are added and subsidies are deducted.

5. A country's national income is ₦240 billion and its population is 12 million. What is its per capita income?
  1. ₦2,000
  2. ₦12,000
  3. ₦20,000
  4. ₦288,000

Answer: C. ₦20,000

Per capita income is ₦240 billion divided by 12 million people, which equals ₦20,000 per person.

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