Waec Economics Past Questions and Answers

Question 31:

• WAEC 1988

Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria’s crude oil?

A. Exploiting
B. Exploring
C. Refining
D. Marketing
E. Exporting

Question 32:

• WAEC 1988

The coefficient of price elasticity of demand is zero when demand is

A. Fairly elastic
B. Perfectly inelastic
C. Fairly inelastic
D. Unitary elastic
E. Perfectly elastic

Question 33:

• WAEC 1988

External economies occur when

A. Industries are scattered all around
B. A firm decides to expand
C. Industries are producing below capacity
D. Firms compromising an industry are concentrated in one area
E. A firm is located near raw materials

Question 34:

• WAEC 1988

When the demand for a commodity is inelastic, who bears the greater burden of the indirect tax?

A. The producer
B. The government
C. The retailer
D. The consumer
E. The wholesaler

Question 35:

• WAEC 1988

Which of the following crops can be referred to as Nigeria’s current export crops?

A. Rubber, Groundnuts, Beniseed, cotton.
B. Shear butter, Sorghum, Onions.
C. Rubber, Cocoa, Coffee, Palm Kernel
D. Palm Oil, Palm Kernel, Sugarcane
E. Soya beans, Rice, Groundnut, and Cashew nut.