Waec Economics 2015 Past Questions and Answers

Question 31:

• WAEC 2015

The difference between the gross domestic product (GDP) and gross national product (GNP) IS?

A. Depreciation
B. Transfer payment
C. Net income from abroad
D. Direct taxes

Question 32:

• WAEC 2015

location of firms of an industry is not influenced by?

A. Availability of raw material
B. Existence of other firms
C. Nearness to the source of money supply
D. Government policy

Question 33:

• WAEC 2015

In national income accounting, the term net is used to indicate that a value

A. Includes income of foreigners
B. Includes income of citizens
C. Includes depreciation
D. Excludes depreciation

Question 34:

• WAEC 2015

which of the following best describes token money?

A. Money in the vaults of commercial banks
B. Currency and coins in circulation
C. Money with face value higher than its material content
D. Coins and notes made of poor quality material

Question 35:

• WAEC 2015

In developing countries, a larger percentage of the labour force is employed in the

A. Trade sector
B. Tertiary sector
C. Primary sector
D. Secondary sector