WAEC Economics Past Questions & Answers - Page 234

1,166.

The economic system in which the decisions about what to produce, how to produce and for whom to produce are made by private firms is called

A.

Socialism

B.

Welfarism

C.

Communism

D.

Capitalism

E.

Traditionalism

Correct answer is D

No explanation has been provided for this answer.

1,167.

The instrument used in many countries to restrict imports includes

A.

High tarrifs

B.

Price index

C.

Excise duties

D.

Bank rate

E.

Subsidies

Correct answer is A

No explanation has been provided for this answer.

1,168.

Which of the following countries is a major trading partner of Nigeria?

A.

Britain

B.

Canada

C.

Japan

D.

Germany

E.

China

Correct answer is A

No explanation has been provided for this answer.

1,169.

The stability of Nigerian economy depends mainly on the export price of

A.

Groundnut

B.

Cotton

C.

Cocoa

D.

Mineral oil

E.

Palm kernel

Correct answer is D

No explanation has been provided for this answer.

1,170.

The level of economic development is low in Nigeria because

A.

Planning has no practical relevance

B.

Of the pattern of the consumer's spending

C.

The country is too large

D.

Of ineffective plan implementation

E.

There is no unique planning model

Correct answer is D

No explanation has been provided for this answer.