WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

1. Question 121· International economic organisations· WAEC

   The International Monetary Fund (IMF) mainly helps member countries to

   • Abuild schools
   • Bcorrect balance of payments problems
   • Cfix the prices of crops
   • Drun their elections

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2. Question 122· International economic organisations· WAEC

   Nigeria is a member of OPEC, an organisation of

   • Apetroleum-exporting countries
   • Bcoffee-producing countries
   • CAfrican farmers
   • DWest African banks

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3. Question 123· International economic organisations· WAEC

   ECOWAS was established in 1975 to

   • Apromote economic integration in West Africa
   • Blend money to every nation
   • Cfix world oil prices
   • Dsettle all world disputes

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4. Question 124· International economic organisations· WAEC

   OPEC is an organisation of

   • Aagricultural producers
   • BWest African states
   • Cworld banks
   • Dpetroleum-exporting countries

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5. Question 125· International economic organisations· WAEC

   The World Trade Organisation promotes

   • Afree and fair international trade
   • Bmilitary alliances
   • Ctourism
   • Dpopulation control

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6. Question 126· International economic organisations· WAEC

   The Economic Community of West African States was established in

   • A1960
   • B1975
   • C1963
   • D1999

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7. Question 127· International economic organisations· WAEC

   A free trade area is an arrangement in which member countries

   • Astop trading with each other
   • Buse one currency
   • Chave one government
   • Dremove tariffs on trade among themselves

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8. Question 128· International economic organisations· WAEC

   The African Development Bank (AfDB) mainly provides

   • Ainsurance for traders
   • Bloans to private individuals
   • Cfinance for development projects in African countries
   • Dmilitary aid

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9. Question 129· International economic organisations· WAEC

   ECOWAS aims mainly to

   • Arun the UN
   • Bfix world oil prices
   • Clend to all countries
   • Dpromote economic integration in West Africa

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10. Question 130· International economic organisations· WAEC

    The main aim of the Economic Community of West African States (ECOWAS) is to

    • Aprovide military rule
    • Bgrant loans to individuals
    • Cfix world oil prices
    • Dpromote economic integration among member states

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11. Question 131· International economic organisations· WAEC

    The organisation that sets rules for international trade and settles trade disputes is the

    • AAfrican Development Bank
    • BWorld Trade Organisation (WTO)
    • CECOWAS
    • DInternational Labour Organisation

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12. Question 132· International economic organisations· WAEC

    The World Bank (IBRD) was set up mainly to

    • Aprovide long-term loans for reconstruction and development
    • Bfix exchange rates
    • Cset oil prices
    • Dsettle trade disputes

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13. Question 133· International trade· WAEC

    International trade arises mainly because

    • Acountries differ in their resources
    • Ball countries produce the same goods
    • Cthere is no transport
    • Dprices are the same everywhere

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14. Question 134· International trade· WAEC

    A deficit in the balance of payments can be corrected by

    • Aborrowing forever
    • Bincreasing imports
    • Creducing exports
    • Dreducing imports and increasing exports

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15. Question 135· International trade· WAEC

    The balance of trade is the difference between

    • Ainvisible exports and imports
    • Ball receipts and all payments
    • Ccapital inflows and outflows
    • Dvisible exports and visible imports

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16. Question 136· International trade· WAEC

    Dumping means

    • Abanning imports
    • Bimporting raw materials
    • Cselling goods abroad below cost or home price
    • Dexporting at high prices

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17. Question 137· International trade· WAEC

    Comparative cost advantage means a country should specialise in goods it produces at

    • Alower opportunity cost
    • Bhigher cost
    • Cno cost
    • Dthe same cost as others

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18. Question 138· International trade· WAEC

    A country should specialise in producing the goods in which it has

    • Athe highest import duty
    • Ban absolute disadvantage
    • Ca comparative advantage
    • Dthe fewest workers

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19. Question 139· International trade· WAEC

    Devaluation of a currency is intended to

    • Amake imports cheaper
    • Bmake exports cheaper abroad
    • Craise inflation
    • Dreduce exports

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20. Question 140· International trade· WAEC

    Devaluation of the naira is expected to

    • Araise the external value of the naira
    • Bmake imports cheaper
    • Creduce exports
    • Dmake Nigerian exports cheaper abroad

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