Waec Economics 1998 Past Questions and Answers

Question 41:

• WAEC 1998

(a) What is meant by production?
(b) Explain with examples, the following types of production
(i) Primary;
(ii) Secondary;
(iii) Tertiary.

Question 42:

• WAEC 1998

Give any five reasons why public corporations are established in Nigeria.

Question 43:

• WAEC 1998

Account for the decline in the contribution of agriculture to the Gross Domestic Product (GDP) of Nigeria.

Question 44:

• WAEC 1998

(a) What is Labour Force?
(b) Explain four factors affecting the size of the labour force.

Question 45:

• WAEC 1998

State any five reasons why the use of money has replaced the barter system in modern economic transaction.