1998 - WAEC Economics Past Questions and Answers - page 4
31
development plans in Nigeria have deviated from their targets due to
A
lack of manpower
B
political instability
C
high population growth rate
D
brain drain in the country
correct option: b
Users' Answers & Comments32
The level of economic development is low in Nigeria because
A
planning has nopractical relevance
B
of the pattern of the consumers' spending
C
the country is too large
D
of ineffective plan implementation
correct option: d
Users' Answers & Comments33
The stability of Nigerian economy depends mainly on the export price of
A
groundnut
B
cotton
C
cocoa
D
mineral oil
correct option: d
Users' Answers & Comments34
Which of the following countries is a major trading partner of Nigeria?
A
Britain
B
Canada
C
Japan
D
Germany
correct option: a
Users' Answers & Comments35
The instrument used in many countries to restrict imports includes
A
high tarrifs
B
price index
C
excise duties
D
bank rate
correct option: a
Users' Answers & Comments36
The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called
A
socialism
B
Welfarism
C
communism
D
capitalism
correct option: d
Users' Answers & Comments37
A major setback in any mixed economy is
A
that is combined both the capitalist and socialist systems
B
the freedom of choice in the production and consumption of goods and services
C
that government intervenes to secure full utilization of resources
D
that economy decisions are determined by market forces
correct option: e
Users' Answers & Comments