2001 - WAEC Economics Past Questions and Answers - page 5
41
An ad volarem tax refers to a tax
A
imposed on exports
B
on goods manufactured in the country
C
based on the value of the commodity
D
levied on income
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42
Which of the following is associated with the development of petroleum industry in Nigeria?
A
Neglect of agriculture
B
increase in population growth
C
increase in the rate of unemployment
D
decrease in the rate of inflation
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43
Balance of payment deficit can be corrected by
A
purchasing foreign assets
B
acumulating foreign reserves
C
export promotion measures
D
import promotion measures
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44
The exchange of goods and services across countries can be described as
A
Bi-lateral trade
B
multilateral trade
C
national trade
D
home trade
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45
Which of the following is a major barrier to international trade?
A
religious differences amongst nations
B
uneve distribution of population across the world
C
educational imbalace between the developed and developing countries
D
ideological differences amongst nations
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46
A country is economically rich if
A
If there is a lot of money in circulation relative to its population
B
It has a large volume of goods and services relative to its population
C
It has a large reserve of idle skilled manpower
D
There is a large amount of reserved mineral resources
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47
The main role of the Organization of Petroleum Exporting Countries (OPEC) is
A
fixing oil production levels
B
ensuring optimum production of oil
C
promoting efficiency in the management of oil
D
supply oil at affordable rates
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