Question 4096:

• WAEC 2019

(a) What is economic integration?
(b) Distinguish between a free trade area and a customs union.
(c) Describe two advantages and two disadvantages of free trade area

Question 4097:

• WAEC 2019

The extract from a country’s balance of payments account is shown below.

Item	Import ($ million)	Export ($ million)
Agricultural products	------	200
Mineral products	-----	300
Consumer goods	250	----
Capital goods	400	----
Insurance	50	25
Banking	75	30
Transportation	85	25
Loans	150	60

Using the table above, calculate the:
(a) Balance of trade;
(b) Invisible trade balance;
(c) Balance on current account.

Question 4098:

• WAEC 2019

(a) (i) Define distribution of goods.
(ii) Illustrate the normal chain of distribution of goods.
(b) Describe a consumers’ cooperative society.
(c) Outline any four roles performed by a consumers’ cooperative society

Question 4099:

• WAEC 2019

(a) What is an industry?
(b) Explain the following:
(i) division of labour;
(ii) economies of scale.
(c) Outline any four internal economies of scale.

Question 4100:

• WAEC 2019

(a) Define joint venture.
(b) Identify any three merits of a private company over a partnership.
(c) State any three sources of finance to a public enterprise.