Year :
2015
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
41 - 48 of 48 Questions
| # | Question | Ans |
|---|---|---|
| 41. |
The export of west A frican countries are mostly composed of A. service B. raw materials C. manufactured goods D. consumer goods Detailed SolutionA raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished products, energy, or intermediate materials which are feedstock for future finished products.As feedstock, the term connotes these materials are bottleneck assets and are highly important with regard to producing other products. |
|
| 42. |
A concious effort of government to achieve a specific set of goals is? A. economic planning B. economic development C. economic growth D. economic target Detailed SolutionAn economic plan is an outline of schemes designed to achieve certain pre-determined economic objectives, in a particular order of priorities within a specified period of time. This is the technique that a state follows to achieve economic development.The main features of economic planning are as follows: 1. Determining the objectives that are to be achieved. 2. Estimating the resources that are available in the country. 3. Determining the order in which the objectives are to be achieved. 4. Designing suitable schemes for realizing of the objectives. 5. Determining the plan outlay and investment. 6. Allocation of resources between different sectors as per the priority of object |
|
| 43. |
A country has favourable terms of trade when the prices of her A. exports rises relative to the price of her imports B. exports falls relative to the price of her imports C. imports rise faster than the prices of imports D. imports and exports move in the same direction Detailed SolutionIf the prices of a country's exports rise relative to the prices of its imports, one says that its terms of trade have moved in a favourable direction, because, in effect, it now receives more imports for each unit of goods exported. |
|
| 44. |
The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a A. free trade B. custom union C. common market D. economic union Detailed SolutionAn economic union is an agreement between two or more nations to allow goods, services, money and workers to move over borders freely. The countries may also coordinate social and financial policies to support this common market. |
|
| 45. |
In order to correct adverse balance of payments problem, government should? A. reduce tariffs B. increase subsidies on exports C. increase tax on local industries D. reduce personal income tax Detailed SolutionMethods of correcting adverse balance of paymentsWell- known Methods of Correcting in Adverse Balance of Payment |
|
| 46. |
Which of the following is a benefit to a member country of World Bank? A. easy access to long term loans B. management of foreign exchange C. mediating in labour dispute D. financing balance of payment deficit Detailed SolutionThe World Bank is a vital source of financial and technical assistance to developingcountries around the world. We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development. |
|
|
Use the information to answer the following question(s). |
||
| 47. |
What is the total revenue from indirect tax A. $686.0 m B. $400.20 m C. $135.80 m D. $100.00 m Detailed SolutionInditect tax is a tax levied on goods and services rather than on income or profits. Thus we have;Indirect tax = customs and excise duties + value added tax 300.20 + 100.00 = 400.20 |
|
| 48. |
What is the total revenue from non tax sources A. $400.20 m B. $375.20 m C. $135.00 m D. $75.00 m Detailed SolutionTotal revenue can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.Non-tax revenue or non-tax receipts are revenue not generated from taxes. They include; rents and Royalties + fees and fines 70.00 + 60.00 = 135.00m |
| 41. |
The export of west A frican countries are mostly composed of A. service B. raw materials C. manufactured goods D. consumer goods Detailed SolutionA raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished products, energy, or intermediate materials which are feedstock for future finished products.As feedstock, the term connotes these materials are bottleneck assets and are highly important with regard to producing other products. |
|
| 42. |
A concious effort of government to achieve a specific set of goals is? A. economic planning B. economic development C. economic growth D. economic target Detailed SolutionAn economic plan is an outline of schemes designed to achieve certain pre-determined economic objectives, in a particular order of priorities within a specified period of time. This is the technique that a state follows to achieve economic development.The main features of economic planning are as follows: 1. Determining the objectives that are to be achieved. 2. Estimating the resources that are available in the country. 3. Determining the order in which the objectives are to be achieved. 4. Designing suitable schemes for realizing of the objectives. 5. Determining the plan outlay and investment. 6. Allocation of resources between different sectors as per the priority of object |
|
| 43. |
A country has favourable terms of trade when the prices of her A. exports rises relative to the price of her imports B. exports falls relative to the price of her imports C. imports rise faster than the prices of imports D. imports and exports move in the same direction Detailed SolutionIf the prices of a country's exports rise relative to the prices of its imports, one says that its terms of trade have moved in a favourable direction, because, in effect, it now receives more imports for each unit of goods exported. |
|
| 44. |
The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a A. free trade B. custom union C. common market D. economic union Detailed SolutionAn economic union is an agreement between two or more nations to allow goods, services, money and workers to move over borders freely. The countries may also coordinate social and financial policies to support this common market. |
| 45. |
In order to correct adverse balance of payments problem, government should? A. reduce tariffs B. increase subsidies on exports C. increase tax on local industries D. reduce personal income tax Detailed SolutionMethods of correcting adverse balance of paymentsWell- known Methods of Correcting in Adverse Balance of Payment |
|
| 46. |
Which of the following is a benefit to a member country of World Bank? A. easy access to long term loans B. management of foreign exchange C. mediating in labour dispute D. financing balance of payment deficit Detailed SolutionThe World Bank is a vital source of financial and technical assistance to developingcountries around the world. We are not a bank in the ordinary sense but a unique partnership to reduce poverty and support development. |
|
|
Use the information to answer the following question(s). |
||
| 47. |
What is the total revenue from indirect tax A. $686.0 m B. $400.20 m C. $135.80 m D. $100.00 m Detailed SolutionInditect tax is a tax levied on goods and services rather than on income or profits. Thus we have;Indirect tax = customs and excise duties + value added tax 300.20 + 100.00 = 400.20 |
|
| 48. |
What is the total revenue from non tax sources A. $400.20 m B. $375.20 m C. $135.00 m D. $75.00 m Detailed SolutionTotal revenue can be written as P × Q, which is the price of the goods multiplied by the quantity of the sold goods.Non-tax revenue or non-tax receipts are revenue not generated from taxes. They include; rents and Royalties + fees and fines 70.00 + 60.00 = 135.00m |