Waec Economics 2021 Past Questions and Answers

Question 31:

• WAEC 2021

Use this data below to answer the question
The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Gross National (GNP)?

A. $ 3.050
B. $ 2.680
C. $ 2,350
D. $2,100

Question 32:

• WAEC 2021

Use this data below to answer the question
The following data relates to the national income of a country.
Gross domestic product = $2800
Net factor income from abroad = $250
Depreciation = $700
Indirect taxes = $120

What is the country's Net National Product (NNP) at factor cost?

A. $3.050
B. $2,680
C. $2,230
D. $2.220

Question 33:

• WAEC 2021

The standard of living in two countries can be compared using the ____________

A. Number of industries in each country
B. Size of their arms and ammunition
C. Size of their national incomes only
D. Gross national product per head

Question 34:

• WAEC 2021

Government can curb inflation by ____________

A. Encouraging banks to lend for any purpose.
B. Increasing her own expenditure.
C. Buying treasury bills in the open market.
D. Selling securities in the open market

Question 35:

• WAEC 2021

Functions of money does not include ____________

A. Store of value.
B. Medium of exchange
C. Standard of deferred payment.
D. General acceptability.