Economics 2020 Waec Past Questions and Answers

Question 31 :

• WAEC 2020

Which of the following are intermediate products?

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

Question 32 :

• WAEC 2020

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

Question 33 :

• WAEC 2020

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

Question 34 :

• WAEC 2020

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

Question 35 :

• WAEC 2020

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