Waec Economics Past Questions and Answers

Question 461:

• WAEC 1998

Which of the following countries is a major trading partner of Nigeria?

A. Britain
B. Canada
C. Japan
D. Germany
E. China

Question 462:

• WAEC 1998

The instrument used in many countries to restrict imports includes

A. High tarrifs
B. Price index
C. Excise duties
D. Bank rate
E. Subsidies

Question 463:

• WAEC 1998

The economic system in which the decision s about what to produce , how to produce and for whom to produce are made by private firms is called

A. Socialism
B. Welfarism
C. Communism
D. Capitalism
E. Traditionalism

Question 464:

• WAEC 1998

A major setback in any mixed economy is

A. That is combined both the capitalist and socialist systems
B. The freedom of choice in the production and consumption of goods and services
C. That government intervenes to secure full utilization of resources
D. That economy decisions are determined by market forces
E. That the absence of profit motive in the public sector may reduce incentives for hard work

Question 465:

• WAEC 1998

(a) Define cross elasticity of demand.
(b) The table below shows the response of quantity demanded to changes in price for three pairs of commodities.
Use the table to answer the questions that follow.
Commoditychanges in pricecommodityChanges in Quantity Demanded

Original Price (N)	New price (N)	Original Quantity (kg)	New Quantity (kg)
Bread	15	20	Yam	150	200
Beef	25	40	Fish	1,000	3,000
Butter	100	50	Margarine	250	400