Post Utme Economics Past Questions and Answers

Question 551:

The Economic Community of West African States (ECOWAS) is an example of ____________

A. Bilateral trade
B. Economics
C. Regional marking board
D. International competition

Question 552:

When the value of a nation’s exports is greater than its imports ____________

A. A favourable balance of trade exists
B. An unfavourable balance of payment exist
C. The net foreign trade is zero
D. Inflation occurs.

Question 553:

One reason for the low agricultural production in West African Countries is that ____________

A. Agriculture employs the highest percentage of labour force
B. Too much money is invested in agriculture
C. Farmers lack the finance and technology required
D. The farmers are too large.

Question 554:

Mono-product economics are those that ____________

A. Produce one main commodity
B. Produce only raw materials
C. Depend on the export of their raw material
D. Specialize in agricultural industries

Question 555:

An essential characteristic of a market economic is ____________

A. Government control
B. Producer surplus
C. Consumer surplus
D. Consumer sovereignty.