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Economics Past Questions and Answers

Waec Economics Questions

Question 21:

Which of the following is not a feature of Sole Proprietorship?

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A The Sole Proprietor provides the capital to start the business
B The Sole Proprietor is the boss of his business
C There is unlimited liability
D Continuity is doubtful at the death of the proprietor
E Decision can be taken only by ten people

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Question 22:

The International Bank of Reconstruction and Development (IBRD) is important to the developing nations because it

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A Gives loans to member s for legal proceedings
B Offer grants and aids for defense
C Enhances financial relationship among countries
D Offer soft loans for educational and health services
E Offer grants and aid to finance private projects

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Question 23:

Which of these best explains Malthusians theory of population?

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A Increase in population cause hunger and death
B The population increase faster than food supply
C The population grows at arithmetic progression while food production grows at geometric progression
D People could be sent to â€˜No manâ€™s landâ€™ when the population increases
E People should produce as many children as they could to because passion cannot be controlled

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Question 24:

Which of the following are the most liquid assets to a commercial bank?

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A Money at call and short notice
B Treasury Bills
C Commercial Bills
D Stock and Shares
E Cash

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Question 25:

Which of the following statements is true about terms of trade?

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A Terms of trade shows the difference between the values of export and imports
B Terms of trade indicate the rate at which exports exchange for imports
C It is the ration of price index of exports to imports
D It is usually expressed as percentage
E A rise in the price of export relative to imports is an improvement

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