Economics Past Questions And Answers
(a) What are natural resources?
(b) Describe any four roles natural resources play in economic development.
View Discussion (0)WAEC 2010 THEORY(a) Define the term taxation.
(b) In which four ways can the government of your country use taxation to improve the economy?
View Discussion (0)WAEC 2005 THEORYOne of the advantages of international trade is that it?
- A. increases world output
- B. encourages economic independence among nations
- C. restricts spread of technical knowledge
- D. promotes self-reliance and satisfaction with only what can be produced internally
From the below table, calculate the Gross National Product.
- A. N70,000
- B. N75,000
- C. N50,000
- D. N60,000
The table below shows the combinations of beans and rice that can be purchased by a consumer. The opportunity cost of moving from K to L is
- A. 2 units of rice
- B. 5 units of beans
- C. 17 units of rice
- D. 20 units of beans
A glut in the world market for crude oil means?
- A. a fall in crude oil production
- B. an excess supply of crude petroleum
- C. a higher crude oil price offered by the buyer
- D. a higher crude oil price demanded by the seller
One advantage of a sole proprietor is that
- A. it can be managed without conflicts
- B. the sole proprietor raises money from the public
- C. it makes an increase in the volume of business possible
- D. there is no limit to the number pf people who may bring in capital
which of the following factors is not a reason for farmer's unstable incomes
- A. dependence on too many crops
- B. poor storage facilities
- C. adverse weather condition
- D. recession in the world economy
The present privatization policy in Nigeria is aimed at?
- A. reducing income inequality
- B. reducing the prices of goods and services
- C. poverty alleviation
- D. increasing efficiency in production
The distribution of goods is said to be completed when it reaches the
- A. wholesalers
- B. consumers
- C. retailers
- D. manufacturers