Economics 2020 Waec Past Questions and Answers

Question 41 :

• WAEC 2020

Expenditure on food takes a large proportion of the incomes of people in ____________

A. Industrialized countries
B. Advanced countries
C. Developing countries
D. Capitalist countries

Question 42 :

• WAEC 2020

A country should embark on development planning to ensure that ____________

A. It becomes popular among the comity of nations
B. It also does what others are doing
C. Its scarce productive resources are efficiently utilized
D. The nation is able to contribute its own quota to international organizations.

Question 43 :

• WAEC 2020

A country is allowed to import just 50,000 tonnes of rice annually. This describes ____________

A. Devaluation
B. Tariff
C. Embargo
D. Quota

Question 44 :

• WAEC 2020

Dumping is selling goods in a foreign market at a price ____________

A. Below what is sold at the home market
B. Above what is sold at the home market.
C. Equal to what is sold at the home market
D. Equal to the cost of producing the goods

Question 45 :

• WAEC 2020

The principle of comparative advantage encourages a country to ____________

A. Produce only consumer goods
B. Engage in trade if it can produce a commodity at a lower cost
C. Specializes in the production of all goods
D. Try as much as possible to be self-sufficient