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Economics Past Questions and Answers

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Waec Economics Questions

Question 146:

How can the Nigerian National Petroleum Corporation achieve internal economies of scale?

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Question 147:

The price system refers to the system by which

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A The government controls price in the economic system
B Prices tends to rise to a general level
C Price allocates resources between consumer and producer goods
D Government allocate resources to consumers and producers
E The producers fix the price for their products

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Question 148:

The price system refers to the system by which

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A The government controls price in the economic system
B Prices tends to rise to a general level
C Price allocates resources between consumer and producer goods
D Government allocate resources to consumers and producers
E The producers fix the price for their products

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Question 149:

Choice is necessary because resources

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A Are available
B Can be found everywhere
C Are constant
D Are scarce
E Are unlimited

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Question 150:

Agriculture plays a dominant role in West African economies because

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A The Green Revolution in Nigeria is agricultural
B It supplies all the food stuffs consumed in Ghana alone
C There are large plantation of cocoa, groundnut and oil palm in West Africa
D It is the main source of revenue in Sirera Leon alone
E It emplys more than 50% of the total labour force in West Africa

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