Waec Economics Past Questions and Answers

Question 116:

• WAEC 1990

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

A. ECOWAS
B. IMF
C. OPEC
D. NNPC
E. ECA

Question 117:

• WAEC 1990

Which of the following is not a member of OPEC?

A. Indonesia
B. Iran
C. Venezuela
D. United Arab Emirates
E. Egypt

Question 118:

• WAEC 1990

which of the following statements is not true of capital income?

A. It helps in the assessment of standard of living
B. It is calculated as National Income Population
C. It is calculated as Population National Income
D. It is used by the UNO to assess and assist developing countries
E. It is used as one of the indicators of economic growth

Question 119:

• WAEC 1990

The notion of short-run and long-run periods is responding for grouping cost into

A. Fixed and variable
B. Implicit and explicit
C. Average and total
D. Capital and running
E. Money and opportunity

Question 120:

• WAEC 1990

Which of the following statements is not true of cheques? They

A. Provide an alternative to carrying large sums of money around
B. Can be written out for any amount needed
C. Are legal tender
D. Provides a form of receipt
E. Provide a record of payment made