by Sunday | Apr 18 | Economics WAEC
A. traditional economy B. mixed economy C. market economy D. command economy Correct Answer: Option C = market economy Explanation A market economy is an economic system in which the forces of demand and supply determine major economic decisions and the prices of...
by Sunday | Apr 18 | Economics WAEC
40, 30, 70, 20, 60, 10, 10, 80, 30, and 10. A. $35 B. $36 C. $37 D. $38 Correct Answer: Option B = $36 Explanation Mean is gotten as the sum of the terms divided by the number of terms. That is, sum of the terms/number of terms 40+30+70+20+60+10+10+80+30+10/10 360/10...
by Sunday | Apr 18 | Economics WAEC
A. tertiary sector B. secondary sector C. primary sector D. industrial sector Correct Answer: Option C = primary sector Explanation The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming,...
by Sunday | Apr 18 | Economics WAEC
A. resources are fully utilized B. the country is poor C. some resources are idle D. resources are not available Correct Answer: Option C = some resources are idle Explanation Point X in the production possibility curve represents an inefficient use of resources,...
by Sunday | Apr 18 | Economics WAEC
A. the large number of the unemployed A. Limited supply of productive resources B. inadequate supply of money C. corruption and mismanagement Correct Answer: Option A – the large number of the unemployed Explanation The fundamental economic problem facing all...
by Sunday | Mar 28 | Economics WAEC
A. high rate of inflation B. urban congestion. C. over-reliance on multiple commodities. D. mismanagement and corruption. Correct Answer: Option D = mismanagement and corruption.
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