Economics 2007 Waec Past Questions and Answers

Question 41 :

• WAEC 2007

The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?

A. $750,000 million
B. $100,250 million
C. $102,500 million
D. $125,050 million

Question 42 :

• WAEC 2007

One of the advantages of capitalism is that

A. Consumers are exploited
B. Private iniatives is discouraged
C. Efficient allocation of resource is assured
D. Job security is assured

Question 43 :

• WAEC 2007

Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?

A. Construction, manufacturing and banking
B. Shipping, trading and fishing
C. Power, telecommunication and sports
D. Extraction, farming and tourism

Question 44 :

• WAEC 2007

International trade depends on the concept of?

A. Marginal cost advantage
B. Comparative cost disadvantages
C. Comparative cost advantage
D. Absolute cost

Question 45 :

• WAEC 2007

One advantages if international trade is that

A. Countries depend on each other
B. It introduces variation in prices
C. It increases demand for foreign goods
D. It makes variety of goods available