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Economics 2020 WAEC Past Questions

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31

Which of the following are intermediate products?

  • A. Cement and steel
  • B. Furniture and shirt
  • C. Handkerchief and shoe
  • D. Table and door 
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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 
View Answer & Discuss (3) WAEC 2020
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
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34

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 go0ds and services are rising slowing 
View Answer & Discuss WAEC 2020
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 
View Answer & Discuss (2) WAEC 2020
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