Economics 2018 Waec Past Questions and Answers

Question 26 :

• WAEC 2018

local firms can help in reducing unemployment in a country when?

A. Land acquisition becomes centralized
B. Imports of substitutes are reduced
C. Waste in the firm is eliminated
D. Subsidies to firms are decreased

Question 27 :

• WAEC 2018

an industry is described as a group of firms

A. That provides jobs for many people
B. Which uses advance technology in production
C. Which produces similar products
D. That provides jobs for few people

Question 28 :

• WAEC 2018

The largest component of national income in developing countries consist of?

A. Profits
B. Profit and rent
C. Rent
D. Wages and salaries

Question 29 :

• WAEC 2018

A baker bought flour and other ingredients for $250.00, spent $52.00 on distribution, sold the bread for $320.00. the value added by the baker is?

A. $302.00
B. $52.00
C. $18.00
D. $622.00

Question 30 :

• WAEC 2018

in a country with large population of full-time housewives, national income

A. Will be composed of goods produced by women
B. Figures will be grossly over-stated
C. Statistics will be difficult to calculate
D. Figures will be grossly under-stated