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Economics WAEC Past Questions

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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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331
The International Monetary Fund (IMF) is an international organization which
  • A. gives annual grants to all developing countries
  • B. assist countries to solve their balance of payment problems
  • C. execute their development projects
  • D. help to promote regional economic groupings
  • E. is owned by all developed countries
View Answer & Discuss WAEC 1996
332
An economic system in which most means of production are owned and controlled by the State is known as a
  • A. socialist economy
  • B. capitalist economy
  • C. mixed economy
  • D. political economy
  • E. feudal economy
View Answer & Discuss WAEC 1996
333
Economics is often described as a science because it
  • A. adopts the use of laboratory experiments
  • B. involves accurate predictions of human beings
  • C. makes use of controlled experiment
  • D. use scientific methods to explain observed phenomena
  • E. deals with observation and field work
View Answer & Discuss WAEC 1997
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334
Scarcity in Economics means that
  • A. the economy can scarecely produce anything
  • B. human wants are limitless
  • C. the economy has very few resources
  • D. human wants are limited, relative to resources
  • E. resources are limited relative to wants
View Answer & Discuss WAEC 1997
335
which of the following has a derived demand?
  • A. labour
  • B. butter
  • C. television set
  • D. breads
  • E. motor cars
View Answer & Discuss WAEC 1997
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