by Sunday | Mar 28 | Economics WAEC
A. Enables individuals to satisfy all their wants B. Helps in the utilization of scarce resources. C. Helps producers to know what to produce. D. Restores equilibrium between producers and consumers Correct Answer: Option B = Helps in the utilization of scarce...
by Sunday | Mar 28 | Economics WAEC
A. Primary production B. Secondary production C. Tertiary production D. Services production Correct Answer: Option A – Primary production Explanation Primary production involves the exploration and extraction of raw...
by Sunday | Mar 28 | Economics WAEC
A. each member operates its own barriers against non-members B. factors of production are mobile C. members adopt a common external tariff against non-members D. members adopt common fiscal and economic policies Correct Answer: Option B – factors of production...
by Sunday | Mar 28 | Economics WAEC
A. import promotion strategy B. export-led strategy C. liberal foreign exchange D. import substitution strategy Correct Answer: Option D – import substitution strategy Explanation Import substitution industrialization is the idea that blocking imports of...
by Sunday | Mar 28 | Economics WAEC
A. help promote private and public investments B. assist members achieve a balance of payments stability C. grant long term loans for infrastructure D. maintain stability of foreign exchange Correct Answer: Option C – grant long term loans for infrastructure...
by Sunday | Mar 28 | Economics WAEC
A. produce only consumer goods B. engage in trade if it can produce a commodity at a lower cost C. specializes in the production of all goods D. try as much as possible to be self-sufficient Correct Answer: Option B = engage in trade if it can produce a commodity at a...