WAEC Economics Past Questions & Answers - Page 104

516.

In a situation where the finished product of an industry is fragile, bulky and perishable, such an industry should be located close to its

A.

Raw materials

B.

Market

C.

Labour supply

D.

Power supply

Correct answer is B

An industry whose products are bulky, perishables and fragile should be located close to the market. This is to make sure such goods are sold early and fast to avoid the goods getting bad or destroyed while on transit.

517.

One of the problems facing industrial development in West African countries is

A.

Inadequate large market

B.

Inadequate infrastructure

C.

Inadequate supply of labour

D.

Unavailability of natural resources

Correct answer is B

Developing countries like those in west Africa frequently lack adequate physical and social infrastructure of all kinds and their substantial improvement is essential for rapid economic development. This has been a major setback on industrial development in the area.

518.

Which of the following features best describes peasant agriculture in West Africa? It

A.

Specializes in the production of one crop

B.

Involves the use of small farm holdings

C.

Is a capital-intensive system of farming

D.

Is mostly associated with tree crops

Correct answer is B

Peasant farming refers to a type of small scale agriculture. Peasant farmers grow crops and often rear some livestock on a small scale.

A smallholding is a small farm. Smallholdings are usually farms supporting a single family with a mixture of cash crops and subsistence farming. 

519.

The following are means of reducing the population of a country except encouraging

A.

Emigration

B.

Family planning

C.

Early marriage

D.

Sex education

Correct answer is C

Early marriage is not a means of reducing population growth. As a matter of fact, early marriage will lead to high child birth thereby increasing the population of a country.

520.

The financial institution that specializes in risk spreading is called

A.

An investment bank

B.

A development bank

C.

An insurance company

D.

The stockexchange

Correct answer is C

Insurance company is a financial institution that provides coverage, in the form of compensation resulting from loss, damages, injury, treatment or hardship to personal and business assets.