Year :
2020
Title :
Economics
Exam :
WASSCE/WAEC MAY/JUNE
Paper 1 | Objectives
41 - 49 of 49 Questions
| # | Question | Ans |
|---|---|---|
| 41. |
Expenditure on food takes a large proportion of the incomes of people in A. industrialized countries B. advanced countries C. developing countries D. capitalist countries Detailed SolutionOption C is correct because developing countries depend mainly on imported finished goods, and taxes are being paid on these goods from the point of clearing at the port to the point of sales at shops. |
|
| 42. |
A country should embark on development planning to ensure that A. it becomes popular among the comity of nations B. it also does what others are doing C. its scarce productive resources are efficiently utilized D. the nation is able to contribute its own quota to international organizations. |
C |
| 43. |
A country is allowed to import just 50,000 tonnes of rice annually. This describes A. devaluation B. tariff C. embargo D. quota Detailed SolutionA quota is a government-imposed restriction that limits the quantity or the monetary value of goods that a country can import or export during a particular period. |
|
| 44. |
Dumping is selling goods in a foreign market at a price A. below what is sold at the home market B. above what is sold at the home market. C. equal to what is sold at the home market D. equal to the cost of producing the goods Detailed SolutionIn international trade, dumping simply refers to a situation where a product is sold at a cheaper price to a foreign country (importing country), than in the domestic market that produced it (exporting country). |
|
| 45. |
The principle of comparative advantage encourages a country to A. produce only consumer goods B. engage in trade if it can produce a commodity at a lower cost C. specializes in the production of all goods D. try as much as possible to be self-sufficient Detailed SolutionComparative advantage is the edge a country has over its trading partners in the production of a particular good or service at a lower opportunity cost. |
|
| 46. |
The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to A. help promote private and public investments B. assist members achieve a balance of payments stability C. grant long term loans for infrastructure D. maintain stabilily of foreign exchange Detailed SolutionThe major objective of the International Bank of Reconstruction and Development is to provide long-term capital to members countries for economic reconstruction and development. |
|
| 47. |
In order to discourage the importation of manufactured goods, a country should adopt A. import promotion strategy B. export led strategy C. liberal foreign exchange D. import substitution strategy Detailed SolutionImport substitution industrialization is the idea that blocking imports of manufactured goods can help an economy by increasing the demand for domestically produced goods. |
|
| 48. |
Free trade is one in which A. each member operates its own barriers against non-members B. factors of production are mobile C. members adopt a common external tariff against non- members D. members adopt common fiscal and economic policies Detailed SolutionFree trade is a trade policy where goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies. |
|
| 49. |
The exploitation of mineral resources constitutes which form of production? A. Primary production B. Secondary production C. Tertiary production D. Services production Detailed SolutionPrimary production involves the exploration and extraction of raw materials. |
| 41. |
Expenditure on food takes a large proportion of the incomes of people in A. industrialized countries B. advanced countries C. developing countries D. capitalist countries Detailed SolutionOption C is correct because developing countries depend mainly on imported finished goods, and taxes are being paid on these goods from the point of clearing at the port to the point of sales at shops. |
|
| 42. |
A country should embark on development planning to ensure that A. it becomes popular among the comity of nations B. it also does what others are doing C. its scarce productive resources are efficiently utilized D. the nation is able to contribute its own quota to international organizations. |
C |
| 43. |
A country is allowed to import just 50,000 tonnes of rice annually. This describes A. devaluation B. tariff C. embargo D. quota Detailed SolutionA quota is a government-imposed restriction that limits the quantity or the monetary value of goods that a country can import or export during a particular period. |
|
| 44. |
Dumping is selling goods in a foreign market at a price A. below what is sold at the home market B. above what is sold at the home market. C. equal to what is sold at the home market D. equal to the cost of producing the goods Detailed SolutionIn international trade, dumping simply refers to a situation where a product is sold at a cheaper price to a foreign country (importing country), than in the domestic market that produced it (exporting country). |
|
| 45. |
The principle of comparative advantage encourages a country to A. produce only consumer goods B. engage in trade if it can produce a commodity at a lower cost C. specializes in the production of all goods D. try as much as possible to be self-sufficient Detailed SolutionComparative advantage is the edge a country has over its trading partners in the production of a particular good or service at a lower opportunity cost. |
| 46. |
The foremost objective of the International Bank of Reconstruction and Development (IBRD) is to A. help promote private and public investments B. assist members achieve a balance of payments stability C. grant long term loans for infrastructure D. maintain stabilily of foreign exchange Detailed SolutionThe major objective of the International Bank of Reconstruction and Development is to provide long-term capital to members countries for economic reconstruction and development. |
|
| 47. |
In order to discourage the importation of manufactured goods, a country should adopt A. import promotion strategy B. export led strategy C. liberal foreign exchange D. import substitution strategy Detailed SolutionImport substitution industrialization is the idea that blocking imports of manufactured goods can help an economy by increasing the demand for domestically produced goods. |
|
| 48. |
Free trade is one in which A. each member operates its own barriers against non-members B. factors of production are mobile C. members adopt a common external tariff against non- members D. members adopt common fiscal and economic policies Detailed SolutionFree trade is a trade policy where goods and services can be bought and sold across international borders with little or no government tariffs, quotas, subsidies. |
|
| 49. |
The exploitation of mineral resources constitutes which form of production? A. Primary production B. Secondary production C. Tertiary production D. Services production Detailed SolutionPrimary production involves the exploration and extraction of raw materials. |