Waec Economics 2005 Past Questions and Answers

Question 46:

• WAEC 2005

In a capitalist system goods are produced for those who

A. Want them most but cannot pay for them
B. Can pay for them but do not want them
C. Want them and can also pay for them
D. Are dependent on the labour force

Question 47:

• WAEC 2005

An economy which exhibits features of both private and State enterprises is known as

A. Capitalist economy
B. Mixed economy
C. Communist economy
D. Socialist economy

Question 48:

• WAEC 2005

In calculating the national income of a country x, the cost of both raw materials and the finished products were included. This is a case of

A. Double counting
B. Price fluctuation
C. Price differentiation
D. Price discrimination

Question 49:

• WAEC 2005

Economic development is define as

A. Outward shift of the production possibility curve
B. Availability of more goods and services
C. Growth accompanied by qualitative change in living standards
D. Growth in the national income

Question 50:

• WAEC 2005

Which of the following is not an objective of the Organization of Petroleum Exporting Countries (OPEC)?

A. Stabilization of oil prices
B. Co-ordinating prices
C. Co-ordinating prices
D. Stagnation of developed economies