Waec Economics Past Questions and Answers

Question 641:

• WAEC 2001

Which of the following is associated with the development of petroleum industry in Nigeria?

A. Neglect of agriculture
B. Increase in population growth
C. Increase in the rate of unemployment
D. Decrease in the rate of inflation

Question 642:

• WAEC 2001

Balance of payment deficit can be corrected by

A. Purchasing foreign assets
B. Acumulating foreign reserves
C. Export promotion measures
D. Import promotion measures

Question 643:

• WAEC 2001

The exchange of goods and services across countries can be described as

A. Bi-lateral trade
B. Multilateral trade
C. National trade
D. Home trade

Question 644:

• WAEC 2001

Which of the following is a major barrier to international trade?

A. Religious differences amongst nations
B. Uneve distribution of population across the world
C. Educational imbalace between the developed and developing countries
D. Ideological differences amongst nations

Question 645:

• WAEC 2001

A country is economically rich if

A. If there is a lot of money in circulation relative to its population
B. It has a large volume of goods and services relative to its population
C. It has a large reserve of idle skilled manpower
D. There is a large amount of reserved mineral resources