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Economics Past Questions and Answers

Waec Economics Questions

Question 26:

Which of these does not relate to the law of comparative advantage?

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A The law of comparative advantage was propounded by David Ricardo
B The law stresses the importance of relative efficiency
C In order to specialize, a country must have absolute advantage
D The law is based on opportunity cost principle
E The principle if followed, should increase total world output

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Question 27:

A condition which adversely affects expansion of production is

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A Effective management
B Limited size of the market
C Availability of funds
D Increased profit prospects
E Increasing returns to scale

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Question 28:

International trade and domestic trade are similar in all aspects except that

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A Transportation by land, water and air is involved
B Goods are exchanged
C Services are exchanged
D The same currency is used as the medium of exchange
E Specialization and increased consumption is encouraged

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Question 29:

The drawer of a cheque is the

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A Person who is to be paid the sum of money as written on the cheque
B Person who takes the cheque to the bank
C Bank on which the cheque is drawn
D Person who writes out the cheque
E Bank official who certifies the payment

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Question 30:

Which of the following is not an item of capital expenditure?

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A Building of roads and bridges
B Supply of electricity
C Building of damns
D Building of habours
E Payment of interest on loans

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