Waec Economics 2021 Past Questions and Answers

Question 46:

• WAEC 2021

A country may be able to earn more from exports if she ____________

A. Increase her export duty
B. Devalues her currency
C. Increases her import duty
D. Allows her currency to appreciate

Question 47:

• WAEC 2021

A customs union is an economic grouping which has ____________

A. Free movement of factors of production
B. Common tariffs against non-Members.
C. Common currency for trading
D. Common military defence

Question 48:

• WAEC 2021

Balance of payments and trade problems that arose after the world wars were resolved by the ____________

A. International Bank tor Reconstruction and Development.
B. International Monetary Fund.
C. African Development Bank.
D. Organization of Petroleum Exporting Countries.

Question 49:

• WAEC 2021

Examples of land that are non-renewable include ____________

A. Marshy and water-logged land.
B. Farmland already used tor many years.
C. Some natural resources such as natural gas.
D. Oxygen and carbon dioxide in the atmosphere

Question 50:

• WAEC 2021

Abundant natural resources do not contribute to economic growth in developing countries because of ____________

A. High rate of inflation
B. Urban congestion.
C. Over-reliance on multiple commodities.
D. Mismanagement and corruption.