2005 - WAEC Economics Past Questions and Answers - page 5
41
The Economic Community of the West African States (ECOWAS) is an example of
A
billateral trade
B
economic integration
C
regional marketing board
D
international competition
correct option: b
Users' Answers & Comments42
One reason for the low agricultural production in West African countries is that
A
agriculture employs the highest percentage of the labour force
B
too much money is invested in agriculture
C
farmers lack the finance and technology required
D
the farms are toolarge.
correct option: c
Users' Answers & Comments43
Mono-product economies are those that
A
produce one main commodity
B
produce only raw materials
C
depend on the export of their raw materials
D
specialize in agricultural industries
correct option: a
Users' Answers & Comments44
An essential characteristics of market economy is
A
government control
B
producer surplus
C
consumer surplus
D
consumer sovereignty
correct option: d
Users' Answers & Comments45
In a capitalist system goods are produced for those who
A
Want them most but cannot pay for them
B
can pay for them but do not want them
C
want them and can also pay for them
D
are dependent on the labour force
correct option: c
Users' Answers & Comments46
An economy which exhibits features of both private and State enterprises is known as
A
Capitalist economy
B
Mixed economy
C
communist economy
D
socialist economy
correct option: b
Users' Answers & Comments47
In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of
A
double counting
B
price fluctuation
C
price differentiation
D
price discrimination
correct option: a
Users' Answers & Comments48
Economic development is define as
A
Outward shift of the production possibility curve
B
Availability of more goods and services
C
Growth accompanied by qualitative change in living standards
D
Growth in the national income
correct option: c
Users' Answers & Comments49
Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?
A
Stabilization of oil prices
B
Co-ordinating prices
C
Co-ordinating prices
D
Stagnation of developed economies
correct option: d
Users' Answers & Comments