Waec Economics 2013 Past Questions and Answers

Question 6:

• WAEC 2013

All economic systems must decide what to produce because

A. Resources are not available
B. Consumers want maximum satisfaction
C. Resources are limited in supply
D. Producers want maximum profit

Question 7:

• WAEC 2013

Trade between two countries is known as

A. Bilateral trade.
B. Bilateria trade
C. Multilateral trade
D. Internal trade

Question 8:

• WAEC 2013

In the balance of payments of a country, tourism is classified under

A. Capital account
B. Invisible trade
C. Merchandise trade
D. Official reserves

Question 9:

• WAEC 2013

General rise in the price level induced by increased price of inputs is referred to as

A. Run-away inflation
B. Cost -push inflation
C. Demand -pull inflation
D. Imported inflation

Question 10:

• WAEC 2013

Which of the following is a function of merchant banks?

A. Acting as bankers' bank.
B. Lending to the commercial banks as a last resort
C. Controlling inflation in the economy
D. Underwriting and issuing of shares