Waec Economics 2006 Past Questions and Answers

Question 46:

• WAEC 2006

which of the following is an invisible term?

A. Banking services
B. Petroleum products
C. Processed rice
D. Processed milk

Question 47:

• WAEC 2006

In an attempt to correct a deficit balance of payment, a country may decide to increase

A. Domestic production
B. Imports
C. Domestic expenditure
D. Tax on infant industry

Question 48:

• WAEC 2006

which of the following is an objective of economic integration?

A. Harmonization of cultural practises
B. Free movement of persons, goods and services
C. Payment of high tarrifs
D. Dumpoing of goods in less developed countries

Question 49:

• WAEC 2006

one of the functions of of the international Monetary Fund (IMF) is to

A. Devalue the currency of member state
B. Reduce drastically the size of deficit financing of member states
C. Giving financial assistance to member states that have temporary balance of payment difficulties
D. Discourage the rapid industrialization process in the less developed nation of the world

Question 50:

• WAEC 2006

The full meaning of OPEC is

A. Oil ans Petroleum Exporting Countries
B. Original Petroleum Exporting Companies
C. Organization of Petrol Exporting Countries
D. Organization of Petroleum Exporting Countries