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Economics 2005 WAEC Past Questions

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41
The Economic Community of the West African States (ECOWAS) is an example of
  • A. billateral trade
  • B. economic integration
  • C. regional marketing board
  • D. international competition
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42
One reason for the low agricultural production in West African countries is that
  • A. agriculture employs the highest percentage of the labour force
  • B. too much money is invested in agriculture
  • C. farmers lack the finance and technology required
  • D. the farms are toolarge.
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43
Mono-product economies are those that
  • A. produce one main commodity
  • B. produce only raw materials
  • C. depend on the export of their raw materials
  • D. specialize in agricultural industries
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44
An essential characteristics of market economy is
  • A. government control
  • B. producer surplus
  • C. consumer surplus
  • D. consumer sovereignty
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45
In a capitalist system goods are produced for those who
  • A. Want them most but cannot pay for them
  • B. can pay for them but do not want them
  • C. want them and can also pay for them
  • D. are dependent on the labour force
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