Waec Economics Past Questions and Answers

Question 16:

• WAEC 1988

The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the

A. US dollars .
B. Canadian dollars
C. Pounds sterling
D. Deutschemark
E. Belgian franc

Question 17:

• WAEC 1988

The two largest producers of crude oil in Nigeria are

A. Borno and Ondo States
B. Oyo and Bendel States
C. Kwara and Benue States
D. Rivers and Bendel States
E. Niger and Rivers States

Question 18:

• WAEC 1988

If a producer sells 1kg of rice for N20 and his marginal products is 100kg, what is the highest wage he can pay the marginal labourer?

A. N 20.00
B. N 30.00
C. N 50.00
D. N 100.00
E. N 200.00

Question 19:

• WAEC 1988

Nigerian indigenization decree was promulgated in order to

A. Allow indigenes to have the full participation in the economic activities of the country
B. Drive away foreigners
C. Give equal chances to indigenes and foreigners in making economic decisions in the country
D. Give industrial training to indigenes
E. Indigenes expose the economic activities of the country

Question 20:

• WAEC 1988

An economic system in which most capital goods are owned by individuals and private firms is known as

A. Mixed economy
B. Planned economy
C. Capitalist economy
D. Traditional economy
E. Civilized economy