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WAEC WASSCE Economics 2015 past questions and answers

This 2015 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 2015 set with instant marking.

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Sample WAEC WASSCE Economics 2015 questions

1. Country A can produce either 12 units of cocoa or 6 units of cloth with the same resources, while Country B can produce 8 units of cocoa or 8 units of cloth; which country has a comparative advantage in cloth?
  1. Country A, because it gives up 2 units of cocoa per unit of cloth
  2. Country A, because it produces fewer units of cloth
  3. Country B, because it gives up 1 unit of cocoa per unit of cloth
  4. Country B, because it produces fewer units of cocoa

Answer: C. Country B, because it gives up 1 unit of cocoa per unit of cloth

Country B's opportunity cost of one unit of cloth is 1 unit of cocoa, lower than Country A's 2 units.

2. A country's exports of goods are ₦500 billion and imports of goods are ₦620 billion; ignoring other items, what is its merchandise trade balance?
  1. A surplus of ₦120 billion
  2. A deficit of ₦120 billion
  3. A surplus of ₦1,120 billion
  4. A deficit of ₦500 billion

Answer: B. A deficit of ₦120 billion

The merchandise balance is exports minus imports, or ₦500 billion − ₦620 billion = a deficit of ₦120 billion.

3. If the naira depreciates against other currencies, what is the most likely effect, other things being equal?
  1. Nigerian exports become cheaper to foreign buyers
  2. Imported goods become cheaper in naira
  3. The naira buys more foreign currency
  4. All foreign debts automatically disappear

Answer: A. Nigerian exports become cheaper to foreign buyers

Depreciation reduces the foreign-currency price of Nigerian goods, assuming domestic prices and other conditions do not change.

4. A government imposes a tax on imported footwear mainly to make foreign footwear more expensive in the domestic market; this measure is a
  1. quota
  2. subsidy
  3. embargo
  4. tariff

Answer: D. tariff

A tariff is a tax placed on imported goods.

5. Which arrangement removes trade barriers among members while allowing each member to set its own trade policy toward non-members?
  1. Customs union
  2. Free trade area
  3. Common market
  4. Economic union

Answer: B. Free trade area

A free trade area removes internal trade barriers but does not require a common external tariff.

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