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WAEC WASSCE Economics 2025 past questions and answers

This 2025 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 2025 set with instant marking.

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Sample WAEC WASSCE Economics 2025 questions

1. Country P can produce either 10 units of cocoa or 5 units of rice with its available resources, while Country Q can produce either 6 units of cocoa or 4 units of rice; which good should P specialize in if trade is based on comparative advantage?
  1. Rice, because P produces more rice than Q
  2. Both goods, because P has an absolute advantage in cocoa
  3. Cocoa, because its opportunity cost in P is lower
  4. Neither good, because Q can produce both goods

Answer: C. Cocoa, because its opportunity cost in P is lower

One unit of cocoa costs P 0.5 unit of rice but costs Q 4/6 unit of rice, so P has comparative advantage in cocoa.

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

Answer: A. tariff

A tariff is a tax charged on imported goods and can raise their domestic price.

3. A country records a balance-of-payments deficit over a period when its
  1. exports of goods exceed its imports of goods
  2. tax revenue is less than government expenditure
  3. domestic investment is greater than domestic saving
  4. total payments to the rest of the world exceed total receipts from it

Answer: D. total payments to the rest of the world exceed total receipts from it

A balance-of-payments deficit occurs when total external payments exceed total receipts over the period.

4. If the naira depreciates against other currencies, the price of Nigerian exports to foreign buyers generally falls in foreign-currency terms, which is likely to
  1. reduce the foreign demand for all Nigerian exports
  2. increase the quantity demanded of Nigerian exports, other things being equal
  3. make imported goods cheaper to Nigerian buyers
  4. eliminate the need for foreign exchange

Answer: B. increase the quantity demanded of Nigerian exports, other things being equal

Depreciation makes domestic goods relatively cheaper to foreign buyers and may raise their quantity demanded.

5. A central aim of ECOWAS is to
  1. replace all national governments in West Africa
  2. establish a single world currency
  3. promote economic cooperation and integration among West African states
  4. prevent trade between member states

Answer: C. promote economic cooperation and integration among West African states

ECOWAS seeks to promote cooperation and economic integration among countries in West Africa.

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