Year :
2018
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
41 - 49 of 49 Questions
| # | Question | Ans |
|---|---|---|
| 41. |
Nations engage in international trade because of difference in? A. absolute cost B. comparative cost C. fixed cost D. variable cost Detailed SolutionThe principle of comparative cost states that;international trade takes place between two countries when the ratios of comparative cost of producing goods differ, and each country would specialise in producing that commodity in which it has a comparative advantage. Comparative cost advantage is when a country produces a good or service for a lower opportunity cost than other countries. |
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| 42. |
One advantage of international trade is that A. prices of goods become stable B. countries become self-sufficient C. goods consumed are produced at a very high cost D. it makes possible the consumption of variety of goods Detailed SolutionInternational Trade promotes economic growth, efficiency, technological progress, and what ultimately matters the most, consumer welfare. By lowering prices and increasing product variety available to consumers, trade especially benefits middle- and lower-income households. |
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| 43. |
Which of the following forms of economic integration is a member nation free to impose duty against A. custom union B. free trade area C. common market D. economic community Detailed SolutionAn economic community can be understood as any economic and/or political alliance which is specifically designed to foster trade and cooperation among its member countries. It's underlying purpose is to reduce trade barriers and increase cooperation among its members. |
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| 44. |
The International bank for reconstruction and development (IBRD) performs the following functions except? A. granting long-term loans B. assisting with technical expertise C. reducing tariff among members D. developing human resource Detailed SolutionTheThe International bank for reconstruction and development (IBRD), now known as The World Bank provides low-interest loans, interest-free credit, and grants. It focuses on improving education, health, and infrastructure. It also uses funds to modernize a country's financial sector, agriculture, and natural resources management. |
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| 45. |
An electrical engineer who is teaching physics in a secondary school is said to be A. under-employed B. unemployed C. fully employed D. technically unemployed Detailed Solutionunder-employed is : the condition in which people in a labor force are employed at less than full-time or regular jobs or at jobs inadequate with respect to their training or economic needs. In one usage, underemployment describes the employment of workers with high skill levels and post-secondary education who are working in relatively low-skilled, low-wage jobs. For example, someone with a college degree may be tending bar, or working as a factory assembly line worker.(of a person) not having enough paid work or not doing work that makes full use of their skills and abilities. |
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| 46. |
One benefit a country can derive from the extraction of crude oil is increase in? A. population B. employment C. money D. demand for imports Detailed Solutionthe extraction of crude oil in a country will lead to a correspondent increase in the manpower / labour required. |
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| 47. |
Which of the following cannot be classified as a natural resource A. iron rod B. wild life C. solar energy D. gold Detailed SolutionA natural resource is what people can use which comes from the naturalenvironment. Examples of natural resources are air, water, wood, oil, wind energy,natural gas, iron, and coal.solar energy is man made which has the sun as its basic source of energy |
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| 48. |
The total fixed cost is? A. $7.00 B. $30.00 C. $20.00 D. $135.00 |
C |
| 49. |
At output level 5, the total variable cost is? A. $5.00 B. $20,00 C. $55.00 D. $35.00 |
D |
| 41. |
Nations engage in international trade because of difference in? A. absolute cost B. comparative cost C. fixed cost D. variable cost Detailed SolutionThe principle of comparative cost states that;international trade takes place between two countries when the ratios of comparative cost of producing goods differ, and each country would specialise in producing that commodity in which it has a comparative advantage. Comparative cost advantage is when a country produces a good or service for a lower opportunity cost than other countries. |
|
| 42. |
One advantage of international trade is that A. prices of goods become stable B. countries become self-sufficient C. goods consumed are produced at a very high cost D. it makes possible the consumption of variety of goods Detailed SolutionInternational Trade promotes economic growth, efficiency, technological progress, and what ultimately matters the most, consumer welfare. By lowering prices and increasing product variety available to consumers, trade especially benefits middle- and lower-income households. |
|
| 43. |
Which of the following forms of economic integration is a member nation free to impose duty against A. custom union B. free trade area C. common market D. economic community Detailed SolutionAn economic community can be understood as any economic and/or political alliance which is specifically designed to foster trade and cooperation among its member countries. It's underlying purpose is to reduce trade barriers and increase cooperation among its members. |
|
| 44. |
The International bank for reconstruction and development (IBRD) performs the following functions except? A. granting long-term loans B. assisting with technical expertise C. reducing tariff among members D. developing human resource Detailed SolutionTheThe International bank for reconstruction and development (IBRD), now known as The World Bank provides low-interest loans, interest-free credit, and grants. It focuses on improving education, health, and infrastructure. It also uses funds to modernize a country's financial sector, agriculture, and natural resources management. |
|
| 45. |
An electrical engineer who is teaching physics in a secondary school is said to be A. under-employed B. unemployed C. fully employed D. technically unemployed Detailed Solutionunder-employed is : the condition in which people in a labor force are employed at less than full-time or regular jobs or at jobs inadequate with respect to their training or economic needs. In one usage, underemployment describes the employment of workers with high skill levels and post-secondary education who are working in relatively low-skilled, low-wage jobs. For example, someone with a college degree may be tending bar, or working as a factory assembly line worker.(of a person) not having enough paid work or not doing work that makes full use of their skills and abilities. |
| 46. |
One benefit a country can derive from the extraction of crude oil is increase in? A. population B. employment C. money D. demand for imports Detailed Solutionthe extraction of crude oil in a country will lead to a correspondent increase in the manpower / labour required. |
|
| 47. |
Which of the following cannot be classified as a natural resource A. iron rod B. wild life C. solar energy D. gold Detailed SolutionA natural resource is what people can use which comes from the naturalenvironment. Examples of natural resources are air, water, wood, oil, wind energy,natural gas, iron, and coal.solar energy is man made which has the sun as its basic source of energy |
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| 48. |
The total fixed cost is? A. $7.00 B. $30.00 C. $20.00 D. $135.00 |
C |
| 49. |
At output level 5, the total variable cost is? A. $5.00 B. $20,00 C. $55.00 D. $35.00 |
D |