Economics, 2012, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2012

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

41 - 49 of 49 Questions

#	Question	Ans
41.	The following are reasons for failure of agricultural policies in West Africa except A. vague policy statements B. negation of polices C. creation of agro-service stations D. provision of obsolete implements Show Content Detailed Solution Agro Service Centres are an innovative idea and interesting experiment which holds the great promises to increase agricultural production. They are geared towards agricultural development. It isnt a reason for agricultural failure.	C
42.	A situation in which the estimated government revenue is less than the proposed expenditure for a given year can be described as A. surplus budgeting B. supplementary budgeting C. balanced budgeting D. deficit budgeting Show Content Detailed Solution If revenue expenses of the government exceed revenue receipts, it results in revenue account deficit. When the revenue is less than the estimated expenditure, it results to a budget deficit.	D
43.	An excise tax is imposed on goods A. smuggled into the country B. manufactured locally C. imported into the coutry D. seized by custom officials Show Content Detailed Solution Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco. These goods are goods that are manufactured in the country. It is an indirect tax that is not paid by the customers directly instead, the excise tax is imposed on the supplier or the producer, who then includes it in the product price	B
44.	Which of the following will not retard economic development in West Africa? A. dependence on imports B. population control C. high level of illiteracy D. low level of savings Show Content Detailed Solution Population growth directly triggers higher demand for provision of various aspects of human existence including food, healthcare, housing, jobs, infrastructure, access to resources and many other issues. With Population control, resources can be fairly and equitably distributed to individuals.	B
45.	When there is improvement in a country's terms of trade, it means that the country's A. exports are cheaper relative to imports B. imports are cheaper relative to exports C. volume of imports has declined D. volume of exports has declined Show Content Detailed Solution Terms of trade (TOT) represent the ratio between a country's export prices and its 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.	B
46.	Which of the following is true about import substitution? it A. helps in increasing exportation B. is meant to reduce exportation C. enables a country to curtail importation D. enables a country to improve on importation Show Content Detailed Solution Import substitution is a policy advocating for replacing foreign imports with domestic production. It is aimed at reducing the importation of foreign goods.	C
47.	Balance of payments problem can be corrected through A. increasing foreign reserves B. increasing domestic borrowing C. import promotion strategies D. export promotion strategies Show Content Detailed Solution Ballance of payment problems can be corrected by Export Promotion strategy. This strategies are aimed at promoting the industries that have potential for developing and competing with foreign rivals.	D
48.	One of the reasons why government may erect a trade barrier is to A. control foreign currencies B. protect infant industries C. promote importation D. diverisify the economy Show Content Detailed Solution Barriers to trade are often used as protection of infant and local industries. Their stated purpose is to shield or advance particular industries or segments of an economy. These barriers include tariffs	B
49.	Which of the following is not a function of the West African Development Bank? A. Promotion of both private and public investments in member states B. Financing and executing projects in member states C. Promotion of social development of member states D. harmonization of oil prices to the advantage of member states Show Content Detailed Solution The functions of the West African Development Bank does not include financing and executing projects in member states.	B

41.	The following are reasons for failure of agricultural policies in West Africa except A. vague policy statements B. negation of polices C. creation of agro-service stations D. provision of obsolete implements Show Content Detailed Solution Agro Service Centres are an innovative idea and interesting experiment which holds the great promises to increase agricultural production. They are geared towards agricultural development. It isnt a reason for agricultural failure.	C
42.	A situation in which the estimated government revenue is less than the proposed expenditure for a given year can be described as A. surplus budgeting B. supplementary budgeting C. balanced budgeting D. deficit budgeting Show Content Detailed Solution If revenue expenses of the government exceed revenue receipts, it results in revenue account deficit. When the revenue is less than the estimated expenditure, it results to a budget deficit.	D
43.	An excise tax is imposed on goods A. smuggled into the country B. manufactured locally C. imported into the coutry D. seized by custom officials Show Content Detailed Solution Excise taxes are internal taxes that are levied on the sale of specific goods and services, such as alcohol, fuel and tobacco. These goods are goods that are manufactured in the country. It is an indirect tax that is not paid by the customers directly instead, the excise tax is imposed on the supplier or the producer, who then includes it in the product price	B
44.	Which of the following will not retard economic development in West Africa? A. dependence on imports B. population control C. high level of illiteracy D. low level of savings Show Content Detailed Solution Population growth directly triggers higher demand for provision of various aspects of human existence including food, healthcare, housing, jobs, infrastructure, access to resources and many other issues. With Population control, resources can be fairly and equitably distributed to individuals.	B
45.	When there is improvement in a country's terms of trade, it means that the country's A. exports are cheaper relative to imports B. imports are cheaper relative to exports C. volume of imports has declined D. volume of exports has declined Show Content Detailed Solution Terms of trade (TOT) represent the ratio between a country's export prices and its 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.	B

46.	Which of the following is true about import substitution? it A. helps in increasing exportation B. is meant to reduce exportation C. enables a country to curtail importation D. enables a country to improve on importation Show Content Detailed Solution Import substitution is a policy advocating for replacing foreign imports with domestic production. It is aimed at reducing the importation of foreign goods.	C
47.	Balance of payments problem can be corrected through A. increasing foreign reserves B. increasing domestic borrowing C. import promotion strategies D. export promotion strategies Show Content Detailed Solution Ballance of payment problems can be corrected by Export Promotion strategy. This strategies are aimed at promoting the industries that have potential for developing and competing with foreign rivals.	D
48.	One of the reasons why government may erect a trade barrier is to A. control foreign currencies B. protect infant industries C. promote importation D. diverisify the economy Show Content Detailed Solution Barriers to trade are often used as protection of infant and local industries. Their stated purpose is to shield or advance particular industries or segments of an economy. These barriers include tariffs	B
49.	Which of the following is not a function of the West African Development Bank? A. Promotion of both private and public investments in member states B. Financing and executing projects in member states C. Promotion of social development of member states D. harmonization of oil prices to the advantage of member states Show Content Detailed Solution The functions of the West African Development Bank does not include financing and executing projects in member states.	B