Economics 2020 Past Questions | WAEC

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

31. Which of the following are intermediate products?

  • A. Cement and steel
  • B. Furniture and shirt
  • C. Handkerchief and shoe
  • D. Table and door 

32. How is NNP at factor cost derived from GNP at market prices? 

  • A. GNP – Depreciation + Indirect taxes + Subsidies
  • B. GNP Depreciation – Indirect taxes + Subsidies
  • C. GNP + Depreciation Indirect taxes – Subsidies
  • D. GNP+ Depreciation- Indirect taxes + Subsidies 

33. Inflation may occur if 

  • A. rate of productivity is higher than the wage rate
  • B. prices fluctuate during a particular season of the year
  • C. wage increase is granted without an increase in productivity
  • D. the government embarks on restrictive monetary policies


  1. Money would cease to be a good store of value when 
  • A. prices of goods and services are falling slowly
  • B. there is a high level of unemployment 
  • C. prices of goods and services are rising rapidly
  • D. prices of goods and services are rising slowing

35.  Which of the following factors may lead to the underestimation of national income figures?

  • A. Availability of skilled statisticians
  • B. High Volume of exports
  • C. Emigration of skilled workers to foreign countries
  • D. Subsistence production 

36.  Governments in West Africa can curtail inflation by 

  • A. purchasing securities in the open market
  • B. selling securities in the open market
  • C. encouraging importation of goods from all countries
  • D. encouraging banks to lend for

37. The central bank Can reduce the ability of commercial banks to give out loans by 

  • A. raising the bank rates
  • B. reducing special deposits
  • C. reducing the liquidity ratio
  • D. issuing more currency

38.  Tools of monetary policy do not include

  • A. open market operations
  • B. reserve requirement
  • C. bank rate
  • D. tax and public expenditure

39. During inflation, the appropriate fiscal measure to adopt is to

  • A. increase indirect taxes
  • B. increase direct taxes
  • C. reduce personal income tax
  • D. increase government expenditure

40.  X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is

  • A. specific tax
  • B. proportional tax
  • C. regressive tax
  • D. progressive tax

41.  Expenditure on food takes a large proportion of the incomes of people in

  • A. industrialized countries
  • B. advanced countries
  • C. developing countries
  • D. capitalist countries

42. A country should embark on development planning to ensure that

  • A. it becomes popular among the comity of nations
  • B. it also does what others are doing
  • C. its scarce productive resources are efficiently utilized
  • D. the nation is able to contribute its own quota to international organizations.

43. A country is allowed to import just 50,000 tonnes of rice annually. This describes 

  • A. devaluation
  • B. tariff
  • C. embargo
  • D. quota

44.  Dumping is selling goods in a foreign market at a price 

  • A. below what is sold at the home market
  • B. above what is sold at the home market.
  • C. equal to what is sold at the home market
  • D. equal to the cost of producing the goods

45.  The principle of comparative advantage encourages a country to 

  • A. produce only consumer goods
  • B. engage in trade if it can produce a commodity at a lower cost
  • C. specializes in the production of all goods
  • D. try as much as possible to be self-sufficient

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