Waec Economics Past Questions and Answers

Question 21:

• WAEC 1988

Which of the following is not a feature of Sole Proprietorship?

A. The Sole Proprietor provides the capital to start the business
B. The Sole Proprietor is the boss of his business
C. There is unlimited liability
D. Continuity is doubtful at the death of the proprietor
E. Decision can be taken only by ten people

Question 22:

• WAEC 1988

The International Bank of Reconstruction and Development (IBRD) is important to the developing nations because it

A. Gives loans to member s for legal proceedings
B. Offer grants and aids for defense
C. Enhances financial relationship among countries
D. Offer soft loans for educational and health services
E. Offer grants and aid to finance private projects

Question 23:

• WAEC 1988

Which of these best explains Malthusians theory of population?

A. Increase in population cause hunger and death
B. The population increase faster than food supply
C. The population grows at arithmetic progression while food production grows at geometric progression
D. People could be sent to ‘No man’s land’ when the population increases
E. People should produce as many children as they could to because passion cannot be controlled

Question 24:

• WAEC 1988

Which of the following are the most liquid assets to a commercial bank?

A. Money at call and short notice
B. Treasury Bills
C. Commercial Bills
D. Stock and Shares
E. Cash

Question 25:

• WAEC 1988

Which of the following statements is true about terms of trade?

A. Terms of trade shows the difference between the values of export and imports
B. Terms of trade indicate the rate at which exports exchange for imports
C. It is the ration of price index of exports to imports
D. It is usually expressed as percentage
E. A rise in the price of export relative to imports is an improvement