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Tuesday, 14 April 2026
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Economics Past Questions and Answers

Waec Economics Questions

Question 996:
If the population of a country is low and the Gross National Product is high, the per capita income will be
  • A High
  • B Low
  • C Average
  • D Unitary
View Answer & Explanation
Question 997:
The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?
  • A $750,000 million
  • B $100,250 million
  • C $102,500 million
  • D $125,050 million
View Answer & Explanation
Question 998:
One of the advantages of capitalism is that
  • A Consumers are exploited
  • B Private iniatives is discouraged
  • C Efficient allocation of resource is assured
  • D Job security is assured
View Answer & Explanation
Question 999:
Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?
  • A Construction, manufacturing and banking
  • B Shipping, trading and fishing
  • C Power, telecommunication and sports
  • D Extraction, farming and tourism
View Answer & Explanation
Question 1000:
International trade depends on the concept of?
  • A Marginal cost advantage
  • B Comparative cost disadvantages
  • C Comparative cost advantage
  • D Absolute cost
View Answer & Explanation