Waec Economics 2006 Past Questions and Answers

Question 36:

• WAEC 2006

The difference between the Gross National Products (GNP) and the Gross Domestic Product (GDP) is

A. Total interest payment
B. Net income generated internally
C. Total national savings
D. Net income from abroad

Question 37:

• WAEC 2006

which of the following agricultural system is mainly for the cultivation of food crops for family consumption?

A. Co-operative farming
B. Commercial farming
C. Subsistence farming
D. Plantation farming

Question 38:

• WAEC 2006

Agriculture is important to the economy of West African countries because it is the source of

A. Power
B. Equipment supply
C. Industrial input
D. Technological progress

Question 39:

• WAEC 2006

The economic system in which the state takes the economic decision s through detailed planning is

A. Capitalism
B. Socialism
C. Traditional economic system
D. Mixed economic system

Question 40:

• WAEC 2006

A mixed economy combines the characteristics of both

A. Planned and capitalist economies
B. Exchange and subsistence economies
C. Subsistence and planned economies
D. Capital and exchange economies