Waec Economics 2016 Past Questions and Answers

Question 46:

• WAEC 2016

The rate at which a country's export is exchanged for her imports is

A. Trade balance
B. Balance of payment
C. Term of trade
D. Balance on current account

Question 47:

• WAEC 2016

Balance of payment surplus implies that receipts for exports are

A. At par with payments for imports
B. Greater than payment for imports
C. Less than payment for imports
D. Proportional to payments for imports

Question 48:

• WAEC 2016

When the international value of a country's currency rises, other things being equal, the country's

A. Net exports tend to increase
B. Imports tend to increase
C. Net exports tend to decrease
D. Export tend to be stable

Question 49:

• WAEC 2016

One of the physical measures that can be used to reduce the volume of imports is the

A. Reduction of personnel income tax
B. Removal of imports duties
C. Use of foreign exchange control
D. Liberalization of credit for importers

Question 50:

• WAEC 2016

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it known as

A. Free trade area
B. Common market
C. Custom union
D. Economic community