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Economics WAEC Past Questions

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1826

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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1827

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
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1828

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
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1829

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
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1830

The exploitation of mineral resources constitutes which form of production?

  • A. Primary production
  • B. Secondary production
  • C. Tertiary production
  • D. Services production
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