Waec Economics 2009 Past Questions and Answers

Question 46:

• WAEC 2009

Terms of trade may be define as the

A. Trade between one country and another
B. Relationship between country's receipt from others and payment to others
C. Rate at which a country's export exchange for imports
D. Different between the value of export and imports

Question 47:

• WAEC 2009

The terms of trade is described as unfavourable when

A. The price of imports rises relative to those of exports
B. The price of exports rises relative to those of imports
C. The net income from aabroad does not change
D. The value of exports exceeds those of imports

Question 48:

• WAEC 2009

Expenditure by foreign tourist in a country will be recorded as

A. Visible exports
B. Official transfers
C. Transfer income
D. Divisible exports

Question 49:

• WAEC 2009

One major aim of a cartel is to

A. Increase production
B. Regulate output through quota system
C. Have a joint account
D. Share profits equally

Question 50:

• WAEC 2009

The five countries that established the Organization of Petroleum Exporting Countries (OPEC) are

A. Nigeria, Iraq, Venezuela, Kuwait and Ghana
B. Saudi Arabia, Kuwait, Sierra Leon, Iran and Iraq
C. Algeria, Kuwait, Venezuela, Iran and The Gambia
D. Kuwait, Venezuela, Iran Iraq and Saudi Arabia