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Economics Past Questions and Answers

Waec Economics Questions

Question 701:
Deficit in the balance of payment is financed through
  • A Capital account
  • B Current account
  • C Invisible trade
  • D Visible trade
View Answer & Explanation
Question 702:
Devaluation of a currency in a country is likely to lead to
  • A Increasing population
  • B Increasing imports
  • C Exports becoming cheaper
  • D Reduced exports
View Answer & Explanation
Question 703:
which of the following is not a benefit derived by Nigeria from the petroleum industry?
  • A Increased foreign exchange earning
  • B Establishment of refineries and petrochemical industries
  • C Employment of a greater proportion of the population
  • D Development of airports, seaports and other social infracstructures
View Answer & Explanation
Question 704:
Gross Domestic Product (GDP) at market price plus net factor income from abroad gives
  • A Gross capital formation
  • B Net capital formation
  • C Disposable income
  • D Gross national product
View Answer & Explanation
Question 705:
An economic system in which the state owns and controls the means of production is known as
  • A Socialist economy
  • B Mixed economy
  • C Capitalist economy
  • D Welfare economy
View Answer & Explanation