Waec Economics Past Questions and Answers

Question 1301:

• WAEC 2012

An excise tax is imposed on goods

A. Smuggled into the country
B. Manufactured locally
C. Imported into the coutry
D. Seized by custom officials

Question 1302:

• WAEC 2012

Which of the following will not retard economic development in West Africa?

A. Dependence on imports
B. Population control
C. High level of illiteracy
D. Low level of savings

Question 1303:

• WAEC 2012

When there is improvement in a country's terms of trade, it means that the country's

A. Exports are cheaper relative to imports
B. Imports are cheaper relative to exports
C. Volume of imports has declined
D. Volume of exports has declined

Question 1304:

• WAEC 2012

Which of the following is true about import substitution? it

A. Helps in increasing exportation
B. Is meant to reduce exportation
C. Enables a country to curtail importation
D. Enables a country to improve on importation

Question 1305:

• WAEC 2012

Balance of payments problem can be corrected through

A. Increasing foreign reserves
B. Increasing domestic borrowing
C. Import promotion strategies
D. Export promotion strategies