Economics 2012 Waec Past Questions and Answers

Question 31 :

• WAEC 2012

Which of the following features best describes peasant agriculture in West Africa? It

A. Specializes in the production of one crop
B. Involves the use of small farm holdings
C. Is a capital-intensive system of farming
D. Is mostly associated with tree crops

Question 32 :

• WAEC 2012

One of the problems facing industrial development in West African countries is

A. Inadequate large market
B. Inadequate infrastructure
C. Inadequate supply of labour
D. Unavailability of natural resources

Question 33 :

• WAEC 2012

In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its

A. Raw materials
B. Market
C. Labour supply
D. Power supply

Question 34 :

• WAEC 2012

If Y = income, C = Consumption, I = Investment, X = Export and M = Import, then national income is

A. Y = C - I + (x +m0
B. Y = C + I + (x + m)
C. Y = C +I +(X - M)
D. Y =C + I + (m - x)

Question 35 :

• WAEC 2012

The national income is the

A. Gross Domestic Product at market prices
B. Gross National product at factor cost
C. Net National Product at factor cost
D. Net National Product at market prices