Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
which of the following is not a visible item in international trade payments?
Apayments for imported cars
Breceits from cocoa exports
Creceipts from oil exports
Dpayments for steel imports
Epayments to foreign shipping companies
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Question 2
waec1997
international trade is different from internal trade because of the
Amanufactured goods involved
Bcurrency differentials
Chomogeinty of products
Dheterogeinty of products
Euniformity of prices
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Question 3
waec1997
Tariff can be define as a compulsory levy on
Agoods that are produced and consumed locally
Bforeign exchange earnings
Cimported but inferior goods
Dforeigners working in a country
Eimports and exports
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Question 4
waec1997
Term of trade is the
Aratio of capital movement to export movements
Bratio of import to short-term export
Cdifference between export and import
Dratio of short-term capital movement to long-term capital movements
Eratio of index of export prices to index of import prices
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Question 5
waec1997
In a public company , entrepreneural function are performed by the
Aworkers
Bshareholders
Ccreditors
Dboard of directors
Echairman
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Question 6
waec1997
Free Trade means
Aproducers are free to determine their prices
Bmarket forces are allowed to determine prices
Cnon-restriction of international trade
Dgoods are to be sold free of charge
Epeople are free to buy in foreign countries
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Question 7
waec1997
when the government imposes a unit tax on a commodity with perfectly inelastic demand , the
Atax is borne entirley by the seller
Btax is shared equally between the buyer and the seller
Cseller bears 70% and the consumer bears 30% of the tax
Dtax is borne entirely by the consumer
Etax is borne by nobody
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Question 8
waec1997
If an economy grows at an annual rate of 6% of which 4% is deemed to be due to improvement in the productivity of labour and capital combined ,the remaining 2% is generally attributed to the
Aamount of natural resources
Bimprovement in banking services
Csize of the population
Dquality of human resources
Eimprovement in government fiscal policies
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Question 9
waec1997
Hoarding in distributive trade leads to
Anon-availabilty of commodities
Bproduction of inferior goods
Cincrease in the supply of goods
Ddecrease in the supply of goods
Eartificial scarcity of goods
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Question 10
waec1997
Hoarding in distributive trade leads to
Anon-availabilty of commodities
Bproduction of inferior goods
Cincrease in the supply of goods
Ddecrease in the supply of goods
Eartificial scarcity of goods
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Question 11
waec1997
which of the following is not true of a firm in equilibrium condition in perfect competition?
AMC is rising
BMC curves cuts AC curves from below
CMR>AR
DMC = AC
EMR = AR
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Question 12
waec1997
The outward shift to the production possibility curve could be due to
Amilitary conquest
Bincreased money supply
Cinflation
Deconomic growth
Emassive importation
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Question 13
waec1997
The developments banks are essentially different from commercial banks because they
Amedium and long term loans
Bopen current accounts for their customers
Cdiscount bills of exchange
Dare lenders of last resort
Ecarry out open market operations
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Question 14
waec1997
all the following are different forms of money except
Abank notes
Bdemand deposits
Ccoins
Dcurrency
Ebank sellers
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Question 15
waec1997
the foregone alternative in Economics is simply the
Amarginal cost
Bcost of foreign products
Ctotal cost
Dopportunity cost
Eaverage cost
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Question 16
waec1997
The indigenisation policy in Nigeria is aimed at
Anationalising foreign businesses
Balternating foreign investors
Ccommandeering foreign businesses in Nigeria
Dexpelling foreign investors and taking over their investment
Eincreasing equity participation and control by Nigerians
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Question 17
waec1997
The largest employment sector in a typical West African country is
Aconstruction
Btransportation
Cpetroleum
Dagriculture
Emanufacturing
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Question 18
waec1997
Division of labour leads to
Aemployment of everybody
Bdecrease in output
Cmonotony of work
Dincrease of time in workshops
Eincrease of time in learning a trade
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Question 19
waec1997
which of the following is a function of commercial banks?
Aissuing currencies
Baccepts deposits
CAre the bankers' bank
DDetermine the rate of interest
Eincrease of time in learning a trade
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Question 20
waec1997
inflation caused by increase in demand can be curbed by
