Waec Economics 2003 Past Questions and Answers

Question 46:

• WAEC 2003

A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the

A. Increasing population
B. Willingness of members to co-operate
C. Geographical contiguity
D. Weal trade relation

Question 47:

• WAEC 2003

In a socialist economy, the means of productions owned and controlled by the

A. State
B. Rich
C. Entreprenuer
D. Traders

Question 48:

• WAEC 2003

It is necessary to estimate the national income of of a country because it

A. Indicates the overrall performance of the economy
B. Ensure equitable distribution of wealth
C. Assits investors in identifying profitable ventures
D. Enables governments to conserve national resources

Question 49:

• WAEC 2003

The Organization of Petroleum Exporting Countries (OPEC) is an example of a

A. Perfect competition
B. Monopsony
C. Duopoly
D. Cartel

Question 50:

• WAEC 2003

Study the following extract on country Y's population data and answer the questions that follow.
The population of country Y in 1970 was 60 million. From 1971 to 1975 the total number of births was 25 million and deaths stood at 3 million. 8 million immigrants and 4 million emigrants were recorded in the reporting period.
(a) Present the above data in a table.
(b) (i) Determine the net migration within the period.
(ii) Calculate the population of the country in 1975.
(c) What is the percentage increase in the population of the country from 1970 to 1975?