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Economics Past Questions and Answers

Waec Economics Questions

Question 1831:

A country is allowed to import just 50,000 tonnes of rice annually. This describes ____________

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A Devaluation
B Tariff
C Embargo
D Quota

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Question 1832:

Dumping is selling goods in a foreign market at a price ____________

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A Below what is sold at the home market
B Above what is sold at the home market.
C Equal to what is sold at the home market
D Equal to the cost of producing the goods

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Question 1833:

The principle of comparative advantage encourages a country to ____________

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A Produce only consumer goods
B Engage in trade if it can produce a commodity at a lower cost
C Specializes in the production of all goods
D Try as much as possible to be self-sufficient

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Question 1834:

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to ____________

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A Help promote private and public investments
B Assist members achieve a balance of payments stability
C Grant long term loans for infrastructure
D Maintain stabilily of foreign exchange

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Question 1835:

In order to discourage the importation of manufactured goods, a country should adopt

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A Import promotion strategy
B Export led strategy
C Liberal foreign exchange
D Import substitution strategy

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