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Economics Past Questions and Answers

Waec Economics Questions

Question 1301:

An excise tax is imposed on goods

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A Smuggled into the country
B Manufactured locally
C Imported into the coutry
D Seized by custom officials

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Question 1302:

Which of the following will not retard economic development in West Africa?

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A Dependence on imports
B Population control
C High level of illiteracy
D Low level of savings

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Question 1303:

When there is improvement in a country's terms of trade, it means that the country's

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A Exports are cheaper relative to imports
B Imports are cheaper relative to exports
C Volume of imports has declined
D Volume of exports has declined

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Question 1304:

Which of the following is true about import substitution? it

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A Helps in increasing exportation
B Is meant to reduce exportation
C Enables a country to curtail importation
D Enables a country to improve on importation

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Question 1305:

Balance of payments problem can be corrected through

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A Increasing foreign reserves
B Increasing domestic borrowing
C Import promotion strategies
D Export promotion strategies

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