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Economics Past Questions and Answers

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Economics Questions

Question 831:

The term balance of trade, can be defined as the?

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A Relation between value of exports and value of imports over a given period of time
B Balance owed to the rest of the world in payment for imports
C Price paid for imports in term of exports
D Relation between payments of all kind made by a country to the rest of the world, over a given period of time

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Question 832:

The term of trade often measured by the ratio of the index of export

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A Divided by the index of import prices multiplied by 100
B Multiplied by the index of import prices
C Plus the index of import prices multiplied by 100
D Minus the index of import prices

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Question 833:

A society which forgoes present consumption

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A Is forced to do so because of excessive consumption within the country in the past
B Is devoting new resources to new capital formation
C Is merely devoting resources to the replacement of capital
D Expects to consume only that amount tomorow which was forgone today

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Question 834:

ECOWAS will enable the countries involved to achieve

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A Comparative political advantage over other countries not in the region
B A large market for their products
C Military superiority over countries not in the region
D Lower the transportation codt of goods wthin the region

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Question 835:

Which of the following methods is most likely to lead an economy?

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A An increase in wages and profits
B An increase in consumer demand
C A greater fraction of national Product going into investment
D A countinuous rise in bank loans

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