Economics 2001 Waec Past Questions and Answers

Question 46 :

• WAEC 2001

Which of the following is a major barrier to international trade?

A. Religious differences amongst nations
B. Uneve distribution of population across the world
C. Educational imbalace between the developed and developing countries
D. Ideological differences amongst nations

Question 47 :

• WAEC 2001

A country is economically rich if

A. If there is a lot of money in circulation relative to its population
B. It has a large volume of goods and services relative to its population
C. It has a large reserve of idle skilled manpower
D. There is a large amount of reserved mineral resources

Question 48 :

• WAEC 2001

The main role of the Organization of Petroleum Exporting Countries (OPEC) is

A. Fixing oil production levels
B. Ensuring optimum production of oil
C. Promoting efficiency in the management of oil
D. Supply oil at affordable rates

Question 49 :

• WAEC 2001

The table below shows the various possible combinations of military and civilian goods produced by a country, using the available resources and technology. Use the table to answer the questions that follow.

Military goods (in toons)	Civilian goods (in toons)
0	200
20	160
40	120
60	80
80	40
100	0

(a) Draw the production possibility curve (PPC).
(b) Indicate points S and K at which production is not feasible.
(c) Indicate points M and N at which resources are not efficiently utilized.
(d) What does the downward slope of the PPC indicate?
(e) Why is production not feasible at points S and K?

Question 50 :

• WAEC 2001

Countries	Population (in million)	Gross National product (in million Dollars)
R	120	2,500
S	180	12,000
T	60	4,000
U	100	6,500
V	25	2,500

(a)(i) Calculate the per capita incomes of countries R, S, T, U and V.
(ii) Determine the range of the per capita incomes of the five countries.
(iii) Which one of the countries enjoyed the highest standard of living?
(b) Express the population of each of countries R, S, T, U and V as a percentage of the total population of all the countries.
(c) Draw a simple bar chart showing all the countries and their respective per capita incomes.