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Economics Past Questions and Answers

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Waec Economics Questions

Question 116:

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

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A ECOWAS
B IMF
C OPEC
D NNPC
E ECA

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Question 117:

Which of the following is not a member of OPEC?

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A Indonesia
B Iran
C Venezuela
D United Arab Emirates
E Egypt

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Question 118:

which of the following statements is not true of capital income?

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A It helps in the assessment of standard of living
B It is calculated as National Income Population
C It is calculated as Population National Income
D It is used by the UNO to assess and assist developing countries
E It is used as one of the indicators of economic growth

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Question 119:

The notion of short-run and long-run periods is responding for grouping cost into

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A Fixed and variable
B Implicit and explicit
C Average and total
D Capital and running
E Money and opportunity

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Question 120:

Which of the following statements is not true of cheques? They

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A Provide an alternative to carrying large sums of money around
B Can be written out for any amount needed
C Are legal tender
D Provides a form of receipt
E Provide a record of payment made

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