Economics, 2019, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2019

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

41 - 50 of 50 Questions

#	Question	Ans
41.	In most underdeveloped countries, development plans do not achieve their objective due to A. poor coordination between local and national governments B. exportation of more primary products C. lack of educational institutions in those countries D. urban-rural migration of citizens Show Content Detailed Solution Developing economies mainly trade in primary exports. These primary products are transformed into finished goods by the developed economies and sold to underdeveloped countries. The money raised from the sale of the primary products is then used to pay for manufactured imports, this has been a serious impediment in its developmental strides.	B
42.	In a period of unemployment and falling prices, the government should adopt a A. zero-based budget B. budget deficit C. balanced budget D. surplus budget	C
43.	Balance of trade involves the exchange of A. goods only B. services only C. goods and services D. goods and capital Show Content Detailed Solution Balance of trade is the difference between the value of a country's exports and the value of its imports. These exports and imports include both goods and services.	C
44.	Devaluation of currency may not correct a balance of payments deficit if the demand for export is A. perfectly inelastic B. perfectly elastic C. fairly elastic D. unitary elastic	A
45.	An improvement in a country's terms of trade means that the A. nation can export more services B. nation's receipts on export are equal to payments on imports C. value of her imports is lower than her exports D. visible exports is less than visible imports Show Content Detailed Solution Terms of trade measure the ratio between the index of export prices and the index of import prices. If a country's terms of trade improve, it means that for every unit of exports sold it can buy more units of imported goods. This means its exports values exceed that of its imports.	C
46.	Which of the following institutions is Concerned with expanding developing countries' commodity trade A. World Trade Organization (WTO) B. United Nations Conference on Trade and Development (UNCTAD) C. Economic Commission for Africa (ECA) D. African Development Bank (AfDB) Show Content Detailed Solution The African Development Bank was established to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent's economic and social development.	D
47.	The major achievement of the Economic Community of West African States (ECOWAS) is that it has A. made capital more mobile B. made possible the use of common currency C. increased members' allegiance to former colonial masters D. wIdened the market for goods produced	D
48.	One measure for financing a country's balance of payments deficit is through A. export diversification B. import substitution C. short-term borrowing from IMF D. internal borrowing from commercial banks Show Content Detailed Solution In correcting the balance of payment deficit, countries may borrow money in foreign currencies, which they must repay with interest, by purchasing with their own currencies, the foreign currencies held by the IMF.	C
49.	Exploitation of forest resources becomes a major problem when A. communities fight over ownership B. they are not renewed C. they are neglected D. the supply is fixed in the long-run	C
50.	Natural resources that are renewable are found in the A. mining sector B. traditional sector C. agricultural sector D. secondary sector Show Content Detailed Solution Renewable resources refer to those resources that can renew themselves in time. They include living resources like forests or non-living ones like wind, water, solar energy, and biomass which includes wood, sewage, and ethanol (which comes from corn or other plants).	C

41.	In most underdeveloped countries, development plans do not achieve their objective due to A. poor coordination between local and national governments B. exportation of more primary products C. lack of educational institutions in those countries D. urban-rural migration of citizens Show Content Detailed Solution Developing economies mainly trade in primary exports. These primary products are transformed into finished goods by the developed economies and sold to underdeveloped countries. The money raised from the sale of the primary products is then used to pay for manufactured imports, this has been a serious impediment in its developmental strides.	B
42.	In a period of unemployment and falling prices, the government should adopt a A. zero-based budget B. budget deficit C. balanced budget D. surplus budget	C
43.	Balance of trade involves the exchange of A. goods only B. services only C. goods and services D. goods and capital Show Content Detailed Solution Balance of trade is the difference between the value of a country's exports and the value of its imports. These exports and imports include both goods and services.	C
44.	Devaluation of currency may not correct a balance of payments deficit if the demand for export is A. perfectly inelastic B. perfectly elastic C. fairly elastic D. unitary elastic	A
45.	An improvement in a country's terms of trade means that the A. nation can export more services B. nation's receipts on export are equal to payments on imports C. value of her imports is lower than her exports D. visible exports is less than visible imports Show Content Detailed Solution Terms of trade measure the ratio between the index of export prices and the index of import prices. If a country's terms of trade improve, it means that for every unit of exports sold it can buy more units of imported goods. This means its exports values exceed that of its imports.	C

46.	Which of the following institutions is Concerned with expanding developing countries' commodity trade A. World Trade Organization (WTO) B. United Nations Conference on Trade and Development (UNCTAD) C. Economic Commission for Africa (ECA) D. African Development Bank (AfDB) Show Content Detailed Solution The African Development Bank was established to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent's economic and social development.	D
47.	The major achievement of the Economic Community of West African States (ECOWAS) is that it has A. made capital more mobile B. made possible the use of common currency C. increased members' allegiance to former colonial masters D. wIdened the market for goods produced	D
48.	One measure for financing a country's balance of payments deficit is through A. export diversification B. import substitution C. short-term borrowing from IMF D. internal borrowing from commercial banks Show Content Detailed Solution In correcting the balance of payment deficit, countries may borrow money in foreign currencies, which they must repay with interest, by purchasing with their own currencies, the foreign currencies held by the IMF.	C
49.	Exploitation of forest resources becomes a major problem when A. communities fight over ownership B. they are not renewed C. they are neglected D. the supply is fixed in the long-run	C
50.	Natural resources that are renewable are found in the A. mining sector B. traditional sector C. agricultural sector D. secondary sector Show Content Detailed Solution Renewable resources refer to those resources that can renew themselves in time. They include living resources like forests or non-living ones like wind, water, solar energy, and biomass which includes wood, sewage, and ethanol (which comes from corn or other plants).	C