West African Examinations Council
WASSCE Economics · Paper 2 — Essay
Written answers, marked against a rubric.
8 exam-style questions, written to the West African Examinations Council format and free to read. The answers are here too — what they do not tell you is how many you would get right with a clock running.
1. (a) Define Gross Domestic Product and Gross National Product, and state the difference between them. [6 marks]
(b) A country records the following in one year: consumption ₦400 billion, investment ₦150 billion, government spending ₦200 billion, exports ₦120 billion, imports ₦170 billion. Calculate its Gross Domestic Product using the expenditure approach. [8 marks]
(c) State three difficulties encountered in measuring national income in a developing economy. [6 marks]
2. (a) State the four factors of production and the reward accruing to each. [8 marks]
(b) Explain the law of diminishing returns. [6 marks]
(c) Outline three advantages and two disadvantages of division of labour. [6 marks]
3. (a) Define money and state four of its functions. [6 marks]
(b) Explain five functions of a central bank, using the Central Bank of Nigeria as your reference. [10 marks]
(c) Distinguish between commercial banks and merchant banks. [4 marks]
4. (a) Define economics and explain the economic problem of scarcity. [5 marks]
(b) Explain the concept of opportunity cost, using a clear example from a Nigerian household. [8 marks]
(c) State four reasons why economics is described as a social science. [7 marks]
5. (a) Define perfect competition. [3 marks]
(b) State and explain five features of a monopoly. [10 marks]
(c) Outline four ways in which a government can control the activities of a monopolist. [7 marks]
(a) State the law of demand and the law of supply. [4 marks]
(b) Explain five factors, other than price, that cause a shift in the demand curve for a normal good. [10 marks]
(c) Distinguish between a movement along a demand curve and a shift of the demand curve. [6 marks]
Reading these is not the same as sitting them.
Every question above is answerable given time. The exam does not give you time. Sit the whole paper on the real clock and the number you get back is the one that means something.
Sit it against the clock — freeExampaper is an independent study service. It is not affiliated with, endorsed by, or connected to WAEC, NECO, JAMB or any examination body. Exam names and subject titles are used only to describe what each paper is for.