WAEC Economics Past Questions & Answers - Page 290

1,446.

Nigerian indigenization decree was promulgated in order to

A.

Allow indigenes to have the full participation in the economic activities of the country

B.

Drive away foreigners

C.

Give equal chances to indigenes and foreigners in making economic decisions in the country

D.

Give industrial training to indigenes

E.

Indigenes expose the economic activities of the country

Correct answer is A

No explanation has been provided for this answer.

1,447.

The two largest producers of crude oil in Nigeria are

A.

Borno and Ondo States

B.

Oyo and Bendel States

C.

Kwara and Benue States

D.

Rivers and Bendel States

E.

Niger and Rivers States

Correct answer is D

No explanation has been provided for this answer.

1,448.

The major currency used for granting credits to member countries of the International Monetary Fund (IMF) is the

A.

US dollars

B.

Canadian dollars

C.

Pounds sterling

D.

Deutschemark

E.

Belgian franc

Correct answer is A

No explanation has been provided for this answer.

1,449.

When the demand for a commodity is inelastic, total revenue will fall if

A.

Price is increased

B.

Price is reduced

C.

Price remains constant

D.

Price is not given

E.

The commodity is a luxury

Correct answer is B

No explanation has been provided for this answer.

1,450.

When the price of commodity A increases, the demand for commodity B decreases, then A and B are

A.

Close substitutes

B.

Complementary goods

C.

Supplementary goods

D.

Gifted goods

E.

Luxurious goods

Correct answer is B

No explanation has been provided for this answer.