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.
One reason for the low agricultural production in West African countries is that
Aagriculture employs the highest percentage of the labour force
Btoo much money is invested in agriculture
Cfarmers lack the finance and technology required
Dthe farms are toolarge.
View Explanation & Discuss
Question 494
waec2005
The Economic Community of the West African States (ECOWAS) is an example of
Abillateral trade
Beconomic integration
Cregional marketing board
Dinternational competition
View Explanation & Discuss
Question 495
waec2005
To improve the balance of payment s position in West African countries, there must be
Aremoval of barriers to importation of goods and services
Bincrease rate of exportation of goods and services
Cincrease domestic consumption of foreign produced goods
Dthe development of the local market
View Explanation & Discuss
Question 496
waec2005
When the value of a nation’s export is greater than its imports
Aa favourable balance of trade exists
Ban unfavourable balance of payment exists
Cthe net foreign trade is zero
Dinflation occurs
View Explanation & Discuss
Question 497
waec2005
The theory of comparative cost advantage is associated with
AAlfred Marshal
BAdam Smith
CDavid Ricardo
DJ. B. Say
View Explanation & Discuss
Question 498
waec2005
Government revenue from the groundnut industry is from
Alicences
Brents
Croyalties
Dtaxes
View Explanation & Discuss
Question 499
waec2005
Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is
Aprogressive
Bregressive
Cproportional
Dad-valorem
View Explanation & Discuss
Question 500
waec2005
Among the principles of taxation propounded by Adam Smith was that
AA tax should be impossible to evade
BA tax should be convenient to pay
Cno tax should be levied on food
Dthere should be no taxation without representation
View Explanation & Discuss
Question 501
waec2005
The central banks control credit in the economy through the use of
Alegal tender
Btravellers cheque
Cforeign exchange instruments
Dopen market operation
View Explanation & Discuss
Question 502
waec2005
Discounting a bill of exchange means the bill is
Acashed over the counter
Bsold on the stock exchange
Cbought for less than its face value
Dsold to the highest bidder
View Explanation & Discuss
Question 503
waec2005
The lender of last resort in the banking system is the
Aindustrial banks
Bmortgage banks
Ccommercial banks
Dcentral banks
View Explanation & Discuss
Question 504
waec2005
A commercial banks deposits are
Aliabilities
Bassets
Ccapital
Dcash at hand
View Explanation & Discuss
Question 505
waec2005
A persistent and appreciable rise in the general level of price is known as
Adepreciation
Binflation
Cdeflation
Dproduction
View Explanation & Discuss
Question 506
waec2005
The term demand for money means
Adesire to borrow money from people
Bdesire of an individual to invest all his money in projects
Cwillingness of people to hold money
Dwilingness of people to keep all their resources in assets
View Explanation & Discuss
Question 507
waec2005
Acceptability, durability, homogeneity and portability are all attributes of good
Amarkets
Bmoney
Cbanks
Dgovernment
View Explanation & Discuss
Question 508
waec2005
The direct exchange of one goods for another without the use of money is known as
Aforeign exchange
Bexchange rate
Cexpenditure rate
Dbarter
View Explanation & Discuss
Question 509
waec2005
The profit of the producers can be calculated as the
Atotal cost less total revenue
Baverage revenue less average cost
Ctotal revenue less total cost
Dmarginal revenue less marginal cost
View Explanation & Discuss
Question 510
waec2005
information about new goods is passed on to buyers through
