Waec Economics Past Questions and Answers

Question 146:

• WAEC 1990

How can the Nigerian National Petroleum Corporation achieve internal economies of scale?

Question 147:

• WAEC 1991

The price system refers to the system by which

A. The government controls price in the economic system
B. Prices tends to rise to a general level
C. Price allocates resources between consumer and producer goods
D. Government allocate resources to consumers and producers
E. The producers fix the price for their products

Question 148:

• WAEC 1991

The price system refers to the system by which

A. The government controls price in the economic system
B. Prices tends to rise to a general level
C. Price allocates resources between consumer and producer goods
D. Government allocate resources to consumers and producers
E. The producers fix the price for their products

Question 149:

• WAEC 1991

Choice is necessary because resources

A. Are available
B. Can be found everywhere
C. Are constant
D. Are scarce
E. Are unlimited

Question 150:

• WAEC 1991

Agriculture plays a dominant role in West African economies because

A. The Green Revolution in Nigeria is agricultural
B. It supplies all the food stuffs consumed in Ghana alone
C. There are large plantation of cocoa, groundnut and oil palm in West Africa
D. It is the main source of revenue in Sirera Leon alone
E. It emplys more than 50% of the total labour force in West Africa