Waec Economics 2009 Past Questions and Answers

Question 6:

• WAEC 2009

All the following are features of market economies except

A. Competition among producers
B. Demand and supply force guiding production decision
C. That profit motive is paramount
D. Public ownership of capital

Question 7:

• WAEC 2009

the economic system which relies mainly on the price mechanism for the allocation of scarce resources is known as

A. Capital economic system
B. Command economic system
C. Combined economic system
D. Traditional

Question 8:

• WAEC 2009

In a capitalist economy, resources are

A. Collectively owned
B. Jointly owned
C. Privately owned
D. Communally owned

Question 9:

• WAEC 2009

An economic system where the central planning authority determines what goods to produce and in what quantity is known as

A. Market economy
B. Socialist economy
C. Welfare economy
D. Traditional economy

Question 10:

• WAEC 2009

The main objective of setting up a private business organization is to

A. Protect the interest of the owners
B. Promote exports
C. Provide infrastructure
D. Maximize profits