Waec Economics Past Questions and Answers

Question 1321:

• WAEC 2013

In Economics , a market is defined as any

A. Agreement made for consumers to buy all they need
B. Ngement made for producers sell all their goods
C. Agreement to sell commodities at low prices
D. Arrangement whereby the buyers and sellers are in contact

Question 1322:

• WAEC 2013

Which of the following is not a function of an insurance company?

A. Pooling resources together against risks
B. Mobilization of funds through premiums collected
C. Encouragement of investment by security of capital
D. Collection of deposits from the public for investment

Question 1323:

• WAEC 2013

A debenture holder earns

A. Commission
B. Profits
C. Fixed interest
D. Quasi-rent

Question 1324:

• 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 1325:

• WAEC 2013

Trade between two countries is known as

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