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WAEC WASSCE Economics 2024 past questions and answers

This 2024 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 2024 set with instant marking.

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Sample WAEC WASSCE Economics 2024 questions

1. Country X can produce either 10 units of cocoa or 5 units of textiles with the same resources, while Country Y can produce either 6 units of cocoa or 6 units of textiles. Which country has a comparative advantage in textiles?
  1. Country Y, because its opportunity cost of textiles is lower
  2. Country X, because it can produce more cocoa
  3. Country X, because its opportunity cost of textiles is lower
  4. Neither country, because both can produce textiles

Answer: A. Country Y, because its opportunity cost of textiles is lower

One unit of textiles costs X 2 units of cocoa but costs Y 1 unit of cocoa, so Y has the lower opportunity cost.

2. If the exchange rate is ₦1,500 to £1, how many naira will an importer pay for goods costing £200, ignoring other charges?
  1. ₦30,000
  2. ₦300,000
  3. ₦750,000
  4. ₦3,000,000

Answer: B. ₦300,000

The naira cost is 200 multiplied by ₦1,500, which equals ₦300,000.

3. A country's merchandise exports are ₦80 million and imports are ₦95 million, while net service receipts are ₦5 million. What is its balance on goods and services?
  1. A surplus of ₦20 million
  2. A surplus of ₦10 million
  3. A deficit of ₦10 million
  4. A deficit of ₦20 million

Answer: C. A deficit of ₦10 million

The balance is ₦80 million minus ₦95 million plus ₦5 million, giving a deficit of ₦10 million.

4. If the naira appreciates against foreign currencies, what is the most likely immediate effect, other things being equal?
  1. Nigerian exports become cheaper to foreign buyers
  2. The naira price of imports must rise
  3. Foreign currency becomes more expensive in naira terms
  4. Imported goods become cheaper in naira terms

Answer: D. Imported goods become cheaper in naira terms

An appreciation raises the naira's purchasing power over foreign currency, reducing the naira cost of imports.

5. Under a fixed exchange-rate system, which action is a devaluation of a country's currency?
  1. The monetary authority officially lowers the currency's value against foreign currencies
  2. Market forces cause the currency to rise in value
  3. The government prohibits all imports
  4. The central bank increases the domestic interest rate

Answer: A. The monetary authority officially lowers the currency's value against foreign currencies

Devaluation is an official reduction in a currency's exchange value under a fixed or managed rate.

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