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Economics Past Questions and Answers

Waec Economics Questions

Question 876:

The Economic Community of the West African States (ECOWAS) is an example of

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A Billateral trade
B Economic integration
C Regional marketing board
D International competition

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Question 877:

One reason for the low agricultural production in West African countries is that

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A Agriculture employs the highest percentage of the labour force
B Too much money is invested in agriculture
C Farmers lack the finance and technology required
D The farms are toolarge.

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Question 878:

Mono-product economies are those that

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A Produce one main commodity
B Produce only raw materials
C Depend on the export of their raw materials
D Specialize in agricultural industries

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Question 879:

An essential characteristics of market economy is

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A Government control
B Producer surplus
C Consumer surplus
D Consumer sovereignty

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Question 880:

In a capitalist system goods are produced for those who

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A Want them most but cannot pay for them
B Can pay for them but do not want them
C Want them and can also pay for them
D Are dependent on the labour force

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