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WAEC Economics 2005 Question 44

Question 44

Economic Growth and Development

Mono-product economies are those that

  1. A.produce one main commodity
  2. B.produce only raw materials
  3. C.depend on the export of their raw materials
  4. D.specialize in agricultural industries.
Show the answer and explanation

Answer: A (produce one main commodity)

Explanation

A mono-product economy relies on one main commodity, e.g. crude oil in Nigeria.