Waec Economics 1991 Past Questions and Answers

Question 1:

• WAEC 1991

The price system refers to the system by which

A. The government controls price in the economic system
B. Prices tends to rise to a general level
C. Price allocates resources between consumer and producer goods
D. Government allocate resources to consumers and producers
E. The producers fix the price for their products

Question 2:

• WAEC 1991

The price system refers to the system by which

A. The government controls price in the economic system
B. Prices tends to rise to a general level
C. Price allocates resources between consumer and producer goods
D. Government allocate resources to consumers and producers
E. The producers fix the price for their products

Question 3:

• WAEC 1991

Choice is necessary because resources

A. Are available
B. Can be found everywhere
C. Are constant
D. Are scarce
E. Are unlimited

Question 4:

• WAEC 1991

Agriculture plays a dominant role in West African economies because

A. The Green Revolution in Nigeria is agricultural
B. It supplies all the food stuffs consumed in Ghana alone
C. There are large plantation of cocoa, groundnut and oil palm in West Africa
D. It is the main source of revenue in Sirera Leon alone
E. It emplys more than 50% of the total labour force in West Africa

Question 5:

• WAEC 1991

The monetary system that requires a double coincidence of wants is known as the

A. Gold standard
B. Barter system
C. Commodity system
D. Gold exchange standard
E. Cheque system