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Economics Past Questions and Answers

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Economics Questions

Question 631:

When the import of a commodity is limited to a definite quantity by using a trade control method, this is known as

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A Tariffs
B Quotas
C Exchnge control
D Devaluation
E Revaluation

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Question 632:

Balance of payments of a country explains the overall position of?

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A Current account of the balance of payments
B Capital account in the balance of payments
C Both the current and capital acounts
D Position of the balance of trade
E Visible and invisible trade

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Question 633:

All of the following EXCEPT ONE are normal functions of the marketing board in Nigeria

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A Price stabilization
B Efficient marketing of agriculture crops
C Provision of funds for building access roads
D Development of the agricultural industry
E Establishment of agro-allied industries

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Question 634:

Which of the following countries is NOT a member of the economic Community of West African States?

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A Sierra Leone
B Sudan
C Gambia
D Nigeria
E Guinea

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Question 635:

In Nigeria, a balance of payments deficit can be solved by all of the following EXECPT?

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A Imposing import bans on some commodity
B Imposing import duties
C Drawing down on external reserves
D Purchasing foreign exchanges from foreign countries
E Devaluation of the currency

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