2007 - WAEC Economics Past Questions and Answers - page 5
41
One of the advantages of capitalism is that
A
consumers are exploited
B
private iniatives is discouraged
C
efficient allocation of resource is assured
D
job security is assured
correct option: c
Users' Answers & Comments42
Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?
A
Construction, manufacturing and banking
B
Shipping, trading and fishing
C
Power, telecommunication and sports
D
Extraction, farming and tourism
correct option: d
Users' Answers & Comments43
International trade depends on the concept of?
A
marginal cost advantage
B
comparative cost disadvantages
C
comparative cost advantage
D
absolute cost
correct option: c
Users' Answers & Comments44
One advantages if international trade is that
A
countries depend on each other
B
it introduces variation in prices
C
it increases demand for foreign goods
D
it makes variety of goods available
correct option: d
Users' Answers & Comments45
The practice of selling goods overseas and often below the cost of production is known as
A
retailing
B
dumping
C
internal trade
D
advertising
correct option: b
Users' Answers & Comments46
A summary of all the receipts and payments of a country in international transaction is called
A
terms of trade
B
balance of payment
C
balance of payment adjustment
D
capital account
correct option: b
Users' Answers & Comments47
Which of the following countries export cocoa?
A
Liberia and The Gambia
B
Ghana and Sierra Leone
C
Nigeria and Ghana
D
Sierra Leone and Nigeria
correct option: c
Users' Answers & Comments48
Which of the following are examples of transfer payments?
A
gifts and donations
B
rents and rates
C
profits and dividends
D
internal and external debts
correct option: a
Users' Answers & Comments49
ECA means
A
Economic Commission for Africa
B
Economic Community of Africa
C
Exporting Countries of Africa
D
Economic Conference on Africa
correct option: a
Users' Answers & Comments