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Economics Past Questions and Answers

Waec Economics Questions

Question 1001:

One advantages if international trade is that

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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

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Question 1002:

The practice of selling goods overseas and often below the cost of production is known as

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A Retailing
B Dumping
C Internal trade
D Advertising

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Question 1003:

A summary of all the receipts and payments of a country in international transaction is called

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A Terms of trade
B Balance of payment
C Balance of payment adjustment
D Capital account

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Question 1004:

Which of the following countries export cocoa?

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A Liberia and The Gambia
B Ghana and Sierra Leone
C Nigeria and Ghana
D Sierra Leone and Nigeria

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Question 1005:

Which of the following are examples of transfer payments?

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A Gifts and donations
B Rents and rates
C Profits and dividends
D Internal and external debts

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