Waec Economics Past Questions and Answers

Question 1421:

• WAEC 2014

The concentration of many firms of a particular industry in a particular area is known as

A. Loccation of industry
B. Amalgamation of industries
C. Localization of industries
D. Nationalization of industry

Question 1422:

• WAEC 2014

Which of the following is not an effect of the discovery of mineral resources in an area?

A. Increase in wealth
B. Overcrowding
C. Increase in crime rate
D. Under population

Question 1423:

• WAEC 2014

Use this above diagram to answer this question. From the table, the mean of the distribution is

A. 2.2
B. 2.5
C. 3
D. 4.5

Question 1424:

• WAEC 2014

Use this above diagram to answer this question. What is the median of the distribution?

A. 5
B. 4
C. 3
D. 2

Question 1425:

• WAEC 2014

The table below shows an extract from balance of payments for country A. Use the table to answer the questions that follow:
Balance of payments items

	Items of transaction	Receipts ($)	Payment ($)
1	Merchandise (visible trade)	52,000.00	4,000.00
2	Shipping, other transport and travel	4,000.00	8,000.00
3	Investment income	20,000.00	5,000.00
4	Other services	2,500.00	7,500.00
5	Unrequired transfers	22,800.00	7,000.00
6	Direct investment	50,000.00	26,000.00
7	Other long-term capital	254,000.00	289,000.00
8	Short-term capital	221,000.00	238,000.00

Calculate the:
(a) balance of trade (3 marks)
(b) balance on current account (8 marks)
(c) balance on capital account (6 marks)
(d) balance of payment (3 marks)