Waec Economics Past Questions and Answers

Question 176:

• WAEC 1991

Which of the following statements is not true in an inflationary period?

A. The purchasing power diminishes
B. Wages rise simultaneously with prices
C. More money runs after a limited quantity of goods
D. Fixed income earners lose
E. Aggregate real demand exceeds aggregate real supply

Question 177:

• WAEC 1991

Palm oil industry in located in Bendel State because the state

A. Imports raw materials for the industry
B. Has a poor soil which is unsuitable for other crops
C. Is a palm-tree growing area
D. Government does not engage in the growing of other crops
E. Has the highest demands for apl oil in Nigeria

Question 178:

• WAEC 1991

Which of the following is not an argument for locating industries in rural areas?

A. Rural areas supply agricultural raw materials
B. The pace of development of rural areas will be quicken
C. Employment will be for rural inhabitants
D. Capital is easily available in rural areas
E. Rural-urban migration will decrease

Question 179:

• WAEC 1991

This is a pie-chart showing the age distribution of population. The total population is 120 million. The official school-leaving age is 18 years while the official retiring age is 55 years.
(a) From the above information, calculate the:
(i) Population of children between 0 and 17 years.
(ii) population of old people (55 + years);
(iii) work-ing population (18 - 54 years) .
(b) what is the economic implication of the above population structure?

Question 180:

• WAEC 1991

Discuss five contributions made by agriculture to the industrial development of Nigeria.