Waec Economics Past Questions and Answers

Question 301:

• WAEC 1994

one of the function of a commercial bank is that it

A. Is responsible for formulating monetary policies
B. Accepts demand and time deposits from constomers
C. Is the lender of the last resort
D. Is the banker of the government
E. Is responsible for issuing currency notes

Question 302:

• WAEC 1994

which of the following is not a problem of distribution of goods in Nigeria?

A. Poor communication network
B. Inadequate storage facilities
C. Ignorance of consumers
D. Dishonesty of middlemen
E. Inadequate market

Question 303:

• WAEC 1994

Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the

A. Marginal cost
B. Inferior item
C. Opportunity cost
D. Supplementary item
E. Prime cost

Question 304:

• WAEC 1994

Petro-chemicals industries are located in River State of Nigeria due to the presence of

A. A favourable climate
B. Coal deposits
C. Oil palm products
D. An undullating terrain
E. Oil deposits

Question 305:

• WAEC 1994

Foreign exchange control in Nigeria is enforced by the

A. Commercial banks
B. Merchant banks
C. Mortgage banks
D. Central banks
E. Agricultural development banks