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WAEC WASSCE Economics 2023 past questions and answers

This 2023 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 2023 set with instant marking.

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Sample WAEC WASSCE Economics 2023 questions

1. An economy records nominal GDP of ₦720 billion and real GDP of ₦600 billion for the same year. What is its GDP deflator?
  1. 120
  2. 83.3
  3. 12
  4. 1.2

Answer: A. 120

The GDP deflator is (nominal GDP / real GDP) x 100, which gives 120.

2. Which of the following is excluded from a country's GDP for the year because it is not payment for current production?
  1. Wages paid to factory workers
  2. A cash social-security benefit paid to a household
  3. Revenue from exported cocoa
  4. Fees earned by a local transport firm

Answer: B. A cash social-security benefit paid to a household

A social-security benefit is a transfer payment and does not represent current output.

3. Which feature characterizes a progressive income tax system?
  1. Every taxpayer pays the same amount
  2. The tax rate falls as income rises
  3. The proportion of income paid as tax rises as income rises
  4. Tax is collected only on imported goods

Answer: C. The proportion of income paid as tax rises as income rises

Under a progressive system, higher-income earners pay a larger proportion of their income in tax.

4. A government budget has a deficit when, during the period,
  1. tax revenue equals public expenditure
  2. tax revenue exceeds public expenditure
  3. exports exceed imports
  4. public expenditure exceeds government revenue

Answer: D. public expenditure exceeds government revenue

A budget deficit occurs when government expenditure is greater than its revenue.

5. A household keeps cash readily available to pay for food and transport. This illustrates the demand for money for
  1. transactions
  2. speculation
  3. capital formation
  4. foreign investment

Answer: A. transactions

People hold transaction balances to make routine purchases and payments.

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