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Economics Past Questions and Answers

Waec Economics Questions

Question 16:

The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the

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A US dollars .
B Canadian dollars
C Pounds sterling
D Deutschemark
E Belgian franc

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Question 17:

The two largest producers of crude oil in Nigeria are

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A Borno and Ondo States
B Oyo and Bendel States
C Kwara and Benue States
D Rivers and Bendel States
E Niger and Rivers States

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Question 18:

If a producer sells 1kg of rice for N20 and his marginal products is 100kg, what is the highest wage he can pay the marginal labourer?

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A N 20.00
B N 30.00
C N 50.00
D N 100.00
E N 200.00

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Question 19:

Nigerian indigenization decree was promulgated in order to

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A Allow indigenes to have the full participation in the economic activities of the country
B Drive away foreigners
C Give equal chances to indigenes and foreigners in making economic decisions in the country
D Give industrial training to indigenes
E Indigenes expose the economic activities of the country

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Question 20:

An economic system in which most capital goods are owned by individuals and private firms is known as

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A Mixed economy
B Planned economy
C Capitalist economy
D Traditional economy
E Civilized economy

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