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Economics WAEC Past Questions

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1811

Import substitution as a strategy of industrialization is the 

  • A. replacement of locally produced goods with imported ones
  • B. development of locally produced goods with imported ones
  • C. establishment of firms to process imported raw materials
  • D. act of using local inputs to produce goods for export
View Answer & Discuss (2) WAEC 2020
1812

Which of the following are intermediate products?

  • A. Cement and steel
  • B. Furniture and shirt
  • C. Handkerchief and shoe
  • D. Table and door 
View Answer & Discuss WAEC 2020
1813

How is NNP at factor cost derived from GNP at market prices? 

  • A. GNP - Depreciation + Indirect taxes + Subsidies
  • B. GNP Depreciation - Indirect taxes + Subsidies
  • C. GNP + Depreciation Indirect taxes - Subsidies
  • D. GNP+ Depreciation- Indirect taxes + Subsidies 
View Answer & Discuss (3) WAEC 2020
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1814

Inflation may occur if 

  • A. rate of productivity is higher than the wage rate
  • B. prices fluctuate during a particular season of the year
  • C. wage increase is granted without an increase in productivity
  • D. the government embarks on restrictive monetary policies
View Answer & Discuss WAEC 2020
1815

Money would cease to be a good store of value when 

  • A. prices of goods and services are falling slowly
  • B. there is a high level of unemployment 
  • C. prices of goods and services are rising rapidly
  • D. prices of go0ds and services are rising slowing 
View Answer & Discuss WAEC 2020
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