Waec Economics Past Questions and Answers

Question 1831:

• 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 1832:

• 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 1833:

• 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

Question 1834:

• WAEC 2020

The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to ____________

A. Help promote private and public investments
B. Assist members achieve a balance of payments stability
C. Grant long term loans for infrastructure
D. Maintain stabilily of foreign exchange

Question 1835:

• WAEC 2020

In order to discourage the importation of manufactured goods, a country should adopt

A. Import promotion strategy
B. Export led strategy
C. Liberal foreign exchange
D. Import substitution strategy