Waec Economics 2018 Past Questions and Answers

Question 41:

• WAEC 2018

which of the following is not a measure for reducing balance of payments deficits?

A. Export drive
B. Reducing tarriffs
C. Adding to export goods
D. Increasing local production

Question 42:

• WAEC 2018

Nations engage in international trade because of difference in?

A. Absolute cost
B. Comparative cost
C. Fixed cost
D. Variable cost

Question 43:

• WAEC 2018

one advantage of international trade is that

A. Prices of goods become stable
B. Countries become self-sufficient
C. Goods consumed are produced at a very high cost
D. It makes possible the consumption of variety of goods

Question 44:

• WAEC 2018

which of the following forms of economic integration is a member nation free to impose duty against

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

Question 45:

• WAEC 2018

The International bank for reconstruction and development (IBRD) performs the following functions except?

A. Granting long-term loans
B. Assisting with technical expertise
C. Reducing tariff among members
D. Developing human resource