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Economics 2020 WAEC Past Questions

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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
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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.
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43

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

  • A. devaluation
  • B. tariff
  • C. embargo
  • D. quota
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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
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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
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208
WAEC offline past questions - with all answers and explanations in one app - Download for free