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Economics Past Questions and Answers

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Waec Economics Questions

Question 511:

Commodity market can best be described as a market in which

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A Goods are sold
B Labour is sold and bought
C Short-term loans are obtained
D Quoted stocks are bought

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Question 512:

Provision of services is classified under

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A Primary production
B Secondary production
C Tertiary production
D Production possibilities

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Question 513:

In ordinary partnership, the risks are

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A Borne by the workers
B Borne by the creditors
C Shared among the partners
D Undertaken by the active partners

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Question 514:

balance of trade is define as the relationship between

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A Invisible imports and exports
B Visible and invisible exports
C Imports and exports of services
D Visible exports and visible imports

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Question 515:

which of the following combination of qualities ensures a good tax system?

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A Deflationary equity, certainty and convinience
B Economy convinience, certainty and equity
C Economy, deflationary, inflationary and certainty
D Economy, convinience, certainty and inflationary

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