Waec Economics Past Questions and Answers

Question 701:

• WAEC 2002

Deficit in the balance of payment is financed through

A. Capital account
B. Current account
C. Invisible trade
D. Visible trade

Question 702:

• WAEC 2002

Devaluation of a currency in a country is likely to lead to

A. Increasing population
B. Increasing imports
C. Exports becoming cheaper
D. Reduced exports

Question 703:

• WAEC 2002

which of the following is not a benefit derived by Nigeria from the petroleum industry?

A. Increased foreign exchange earning
B. Establishment of refineries and petrochemical industries
C. Employment of a greater proportion of the population
D. Development of airports, seaports and other social infracstructures

Question 704:

• WAEC 2002

Gross Domestic Product (GDP) at market price plus net factor income from abroad gives

A. Gross capital formation
B. Net capital formation
C. Disposable income
D. Gross national product

Question 705:

• WAEC 2002

An economic system in which the state owns and controls the means of production is known as

A. Socialist economy
B. Mixed economy
C. Capitalist economy
D. Welfare economy