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Economics 1988 WAEC Past Questions

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26
International trade and domestic trade are similar in all aspects except that
  • A. Transportation by land, water and air is involved
  • B. Goods are exchanged
  • C. Services are exchanged
  • D. The same currency is used as the medium of exchange
  • E. Specialization and increased consumption is encouraged
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27

The drawer of a cheque is the

  • A. Person who is to be paid the sum of money as written on the cheque
  • B. Person who takes the cheque to the bank
  • C. Bank on which the cheque is drawn
  • D. Person who writes out the cheque
  • E. Bank official who certifies the payment
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28
Which of the following is not an item of capital expenditure?
  • A. Building of roads and bridges
  • B. Supply of electricity
  • C. Building of damns
  • D. Building of habours
  • E. Payment of interest on loans
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29
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
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30
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
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