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Economics WAEC Past Questions

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1991

The price level and the value of money are

  • A. positively related
  • B. directly related
  • C. not related
  • D. inversely related
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1992

One of the factor that may not promote industrial development is

  • A. local firms entering into partnerships with foreign firms
  • B. granting capital to firms at reasonable interest rates
  • C. setting up industrial estates with modern amenities
  • D. granting old firms tax exemptions
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1993

If a firm retrenches some of its factory workers its

  • A. average fixed cost may increase
  • B. variable cost will decline
  • C. marginal cost may increase
  • D. fixed cost is likely to increase
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1994

Many workers are employed in the agricultural sector of developing countries because

  • A. labour intensive method is mostly adopted
  • B. abnormal profits are made
  • C. wages in the sector is high
  • D. they practice mechanized system of farming
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1995

Taxes levied on goods and services by government are called

  • A. indirect taxes
  • B. direct taxes
  • C. coporate taxes
  • D. poll taxes
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