WAEC Economics Question And Answer 2021
1. The effect of a growing population include the following, except?
Unnecessary Rise in demand
Increased rate of Unemployment
Sudden Fall in the standard of living
High level of “per capita income”
2. Which of this is a cause of low personal savings in West Africa?
The low income of the people.
Commercial Banks refusal to give loans.
cheaper foreign currencies.
3. The benefit of the petroleum industry including the following, except?
Increment in the foreign exchange rate
Establishment of more companies, refineries & industries
Provision of Employment to a greater proportion of the population
Advancement and Development of social infrastructure
4. Which of this method could be used to resolve disputes between employees effectively?
display of placards.
5. Which of these definitions well describes the term “Peasant agriculture” in West Africa?
specialization in the production of one crop.
It involves the use of small farm holdings.
Peasant agriculture is a capital-intensive system of farming.
It’s mostly associated with tree crops.
6. Which of the following is an advantage of large scale production?
there is a rise in the cost of administration.
consumers sacrifice their individual tastes.
the firm can use labor-saving machinery.
the demand for a firm’s products becomes localized.
These are provided for study purposes only.
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