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Economics WAEC Past Questions

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601
Deficit in the balance of payment is financed through
  • A. capital account
  • B. current account
  • C. invisible trade
  • D. visible trade
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602
Devaluation of a currency in a country is likely to lead to
  • A. increasing population
  • B. increasing imports
  • C. exports becoming cheaper
  • D. reduced exports
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603
which of the following is not a benefit derived by Nigeria from the petroleum industry?
  • A. increased foreign exchange earning
  • B. establishment of refineries and petrochemical industries
  • C. employment of a greater proportion of the population
  • D. development of airports, seaports and other social infracstructures
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604
Gross Domestic Product (GDP) at market price plus net factor income from abroad gives
  • A. gross capital formation
  • B. net capital formation
  • C. disposable income
  • D. gross national product
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605
An economic system in which the state owns and controls the means of production is known as
  • A. socialist economy
  • B. Mixed economy
  • C. Capitalist economy
  • D. welfare economy
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