by Sunday | Jan 7 | Economics WAEC
A. Mixed economy B. Socialism C. Command economy D. Capitalism Correct Answer: Option D D. Capitalism Explanation The market mechanism is solved through the Forces of demand and supply in the capitalist economy which is also known as free enterprise or a free-market...
by Sunday | Jan 7 | Economics WAEC
A. Sales by Auction B. Tender C. Higgling and Haggling D. Price Control Correct Answer: Option C C. Higgling and Haggling Explanation Higgling and Haggling is one of the ways prices are determined in an imperfect market. The buyer’s maximum price and the...
by Sunday | Jan 7 | Economics WAEC
A. production of goods and services B. distribution of wealth C. allocation of resources for growth D. creation of utility Correct Answer: Option C C. allocation of resources for growth Explanation Economics study scarcity because the resources are limited. Also, it...
by Sunday | Jan 7 | Economics WAEC
A. promoting co-operation and integration B. to facilitate the expansion of international trade C. to provide insurance D. to ensure new investment Correct Answer: Option A A. promoting co-operation and integration Explanation The Economic Community of West African...
by Sunday | Jan 7 | Economics WAEC
A. Oil glut B. Oil spill C. Oil shock D. Oil wastage Correct Answer: Option B D. Oil wastage Explanation Oil is release into the ocean or coastal waters but also occur on land. Oil spill is released into the environment especially marine areas due to human activity...