Waec Economics 1996 Past Questions and Answers

Question 31:

• WAEC 1996

Economic growth specifically refers to the

A. Reliance on imported goods in preference to home-made goods
B. Sustained increase in the output of goods and services per head
C. Change in technical and institutional arangment of the economy
D. Continued increase in the depletion of a country's natural resources
E. Increase in the total number of people in the economy

Question 32:

• WAEC 1996

The hourly wages of five employees of the Nigerian Port Authority are N2.52, N3.96, N9.20, and N3.75 respectively. The median hourly wage is

A. N2.52
B. N3.28
C. N3.75
D. N3.96
E. N9.20

Question 33:

• WAEC 1996

The petroleum industry in Nigeria is an example of a

A. Capital-intensive industry
B. Service industry
C. Labour-intensive industry
D. Tertiary production industry
E. Localized industry

Question 34:

• WAEC 1996

The international cartel formed to stabilize the world oil market is the

A. Economic Commissioner for Africa
B. International Monetary Fund
C. Organization of Petroleum Exporting Countries
D. Organization of Petroleum Importing Countries
E. International Trade Organization

Question 35:

• WAEC 1996

The United Nation Conference on Trade and Development (UNCTAD) is a forum designed specifically for discussing the

A. Political conflicts in the United Nation Security Council
B. Educational needs of the developed countires
C. Religious affairs in the Southern Africa
D. Revenue allocation in Nigeria
E. Better terms of trade in the world