2002 - WAEC Economics Past Questions and Answers - page 5
41
Terms of trade is used to describe
A
the quality of exports
B
the direction of foreign trades
C
purchases on deferred payment basis
D
the rate at which exports exchange for imports
correct option: d
Users' Answers & Comments42
A nation's net export is negative when her
A
stock of goods is declining
B
depreciation exceeds investment
C
exports is adjusted upwards
D
imports exceeds exports
correct option: d
Users' Answers & Comments43
Deficit in the balance of payment is financed through
A
capital account
B
current account
C
invisible trade
D
visible trade
correct option: a
Users' Answers & Comments44
Devaluation of a currency in a country is likely to lead to
A
increasing population
B
increasing imports
C
exports becoming cheaper
D
reduced exports
correct option: c
Users' Answers & Comments45
which of the following is not a benefit derived by Nigeria from the petroleum industry?
A
increased foreign exchange earning
B
establishment of refineries and petrochemical industries
C
employment of a greater proportion of the population
D
development of airports, seaports and other social infracstructures
correct option: c
Users' Answers & Comments46
Gross Domestic Product (GDP) at market price plus net factor income from abroad gives
A
gross capital formation
B
net capital formation
C
disposable income
D
gross national product
correct option: d
Users' Answers & Comments47
An economic system in which the state owns and controls the means of production is known as
A
socialist economy
B
Mixed economy
C
Capitalist economy
D
welfare economy
correct option: a
Users' Answers & Comments