Economics 2017 Past Questions | WAEC

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

41. One way of speeding up the economic development of a country is by encouraging

  • A. the consumption of consumer goods
  • B. early marriage
  • C. the importation of more consumer goods
  • D. savings and investment

42. Dumping in international occurs when a foreign firm sells

  • A. above its cost of production at home and abroad
  • B. below its cost of production at home and abroad
  • C. more goods to a country than the country has need of
  • D. below its cost of production in a foreign market

43. Infant industries can be described as?

  • A. newly established industries
  • B. industries enjoying tax holidays
  • C. industries producing baby products
  • D. newly commercialized industries

44. Modern international trade is based on the principle of?

  • A. absolute cost advantage
  • B. comparative advantage
  • C. terms of trade
  • D. balance of trade

45. Which of the following terms of trade is recorded in a country’s current account section of the balance of payments

  • A. investment income
  • B. foreign direct investment
  • C. longterm capital flows
  • D. long-term loans

46. One problem facing the economic integration of countries in west Africa is the

  • A. presence of large and developed market
  • B. uneven development among west African countries
  • C. existence of different central banks in the countries
  • D. fairly of labour to move freely in the country

47. One objective of organisation of petroleum exporting countries (OPEC) is to?

  • A. harmonize and stabilize oil prizes
  • B. ensure excess supply of oil to consuming countries
  • C. subsidize oil prices in member countries
  • D. assist member countries to exploit oil resources

48. Which of the following resources is renewable

  • A. coal
  • B. iron ore
  • C. rice
  • D. limestone

49. The negative effects of mining in west Africa does not include?

  • A. Reafforestation in rural communities
  • B. land degradation
  • C. destruction of farm lands
  • D. pollution of water bodies

50. Gross national expenditure at factor cost is_________

  • A. ₤ 88,000m
  • B. ₤ 82,000m
  • C. ₤ 74,000m
  • D. ₤ 72,000m
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