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WAEC WASSCE Economics 2022 past questions and answers

This 2022 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 2022 set with instant marking.

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Sample WAEC WASSCE Economics 2022 questions

1. A government records total expenditure of N850 million and total revenue of N720 million in a year. What is its budget position?
  1. A surplus of N130 million
  2. A deficit of N130 million
  3. A balanced budget
  4. A deficit of N1,570 million

Answer: B. A deficit of N130 million

Expenditure exceeds revenue by N850 million minus N720 million, giving a deficit of N130 million.

2. A country's GDP at market prices is N950 million, net factor income from abroad is -N10 million, depreciation is N80 million, indirect taxes are N70 million and subsidies are N20 million. What is its net national product at factor cost?
  1. N950 million
  2. N870 million
  3. N810 million
  4. N790 million

Answer: C. N810 million

NNP at factor cost is 950 - 10 - 80 - 70 + 20 = N810 million.

3. If a central bank raises its policy interest rate, which outcome is most likely in the short run?
  1. Commercial banks will lend more cheaply
  2. Household borrowing will become less expensive
  3. The supply of credit will automatically increase
  4. Borrowing costs rise and credit expansion is discouraged

Answer: D. Borrowing costs rise and credit expansion is discouraged

A higher policy rate tends to raise lending costs and discourage borrowing and credit expansion.

4. If a worker's money wage remains unchanged while the general price level rises by 20%, what happens to the worker's real purchasing power?
  1. It falls
  2. It rises by 20%
  3. It remains unchanged
  4. It doubles

Answer: A. It falls

With a fixed money wage, higher prices reduce the quantity of goods and services the wage can buy.

5. If a country's export price index is 120 and its import price index is 100, what is its terms-of-trade index?
  1. 83.3
  2. 120
  3. 20
  4. 220

Answer: B. 120

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

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