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Economics WAEC Past Questions

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741
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.
View Answer & Discuss WAEC 2005
742
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
View Answer & Discuss WAEC 2005
743
An essential characteristics of market economy is
  • A. government control
  • B. producer surplus
  • C. consumer surplus
  • D. consumer sovereignty
View Answer & Discuss WAEC 2005
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744
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
View Answer & Discuss WAEC 2005
745
An economy which exhibits features of both private and State enterprises is known as
  • A. Capitalist economy
  • B. Mixed economy
  • C. communist economy
  • D. socialist economy
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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