Waec Economics 2005 Past Questions and Answers

Question 41:

• WAEC 2005

To improve the balance of payment s position in West African countries, there must be

A. Removal of barriers to importation of goods and services
B. Increase rate of exportation of goods and services
C. Increase domestic consumption of foreign produced goods
D. The development of the local market

Question 42:

• WAEC 2005

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

A. Billateral trade
B. Economic integration
C. Regional marketing board
D. International competition

Question 43:

• WAEC 2005

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

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

Question 44:

• WAEC 2005

Mono-product economies are those that

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

Question 45:

• WAEC 2005

An essential characteristics of market economy is

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