Waec Economics 2012 Past Questions and Answers

Question 46:

• WAEC 2012

When there is improvement in a country's terms of trade, it means that the country's

A. Exports are cheaper relative to imports
B. Imports are cheaper relative to exports
C. Volume of imports has declined
D. Volume of exports has declined

Question 47:

• WAEC 2012

Which of the following is true about import substitution? it

A. Helps in increasing exportation
B. Is meant to reduce exportation
C. Enables a country to curtail importation
D. Enables a country to improve on importation

Question 48:

• WAEC 2012

Balance of payments problem can be corrected through

A. Increasing foreign reserves
B. Increasing domestic borrowing
C. Import promotion strategies
D. Export promotion strategies

Question 49:

• WAEC 2012

One of the reasons why government may erect a trade barrier is to

A. Control foreign currencies
B. Protect infant industries
C. Promote importation
D. Diverisify the economy

Question 50:

• WAEC 2012

Which of the following is not a function of the West African Development Bank?

A. Promotion of both private and public investments in member states
B. Financing and executing projects in member states
C. Promotion of social development of member states
D. Harmonization of oil prices to the advantage of member states