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Economics Past Questions and Answers

Waec Economics Questions

Question 31:

Which of the following roles is being played by the Organization of Petroleum Exporting Countries (OPEC) with regards to Nigeria’s crude oil?

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A Exploiting
B Exploring
C Refining
D Marketing
E Exporting

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Question 32:

The coefficient of price elasticity of demand is zero when demand is

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A Fairly elastic
B Perfectly inelastic
C Fairly inelastic
D Unitary elastic
E Perfectly elastic

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Question 33:

External economies occur when

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A Industries are scattered all around
B A firm decides to expand
C Industries are producing below capacity
D Firms compromising an industry are concentrated in one area
E A firm is located near raw materials

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Question 34:

When the demand for a commodity is inelastic, who bears the greater burden of the indirect tax?

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A The producer
B The government
C The retailer
D The consumer
E The wholesaler

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Question 35:

Which of the following crops can be referred to as Nigeria’s current export crops?

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A Rubber, Groundnuts, Beniseed, cotton.
B Shear butter, Sorghum, Onions.
C Rubber, Cocoa, Coffee, Palm Kernel
D Palm Oil, Palm Kernel, Sugarcane
E Soya beans, Rice, Groundnut, and Cashew nut.

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