Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Exploitation of forest resources becomes a major problem when
Communities fight over ownership
They are not renewed
They are neglected
The supply is fixed in the long-run
Correct answer is C
No explanation has been provided for this answer.
One measure for financing a country's balance of payments deficit is through
Export diversification
Import substitution
Short-term borrowing from IMF
Internal borrowing from commercial banks
Correct answer is C
In correcting the balance of payment deficit, countries may borrow money in foreign currencies, which they must repay with interest, by purchasing with their own currencies, the foreign currencies held by the IMF.
The major achievement of the Economic Community of West African States (ECOWAS) is that it has
Made capital more mobile
Made possible the use of common currency
Increased member's allegiance to former colonial masters
Widened the market for goods produced
Correct answer is D
No explanation has been provided for this answer.
World Trade Organization (WTO)
United Nations Conference on Trade and Development (UNCTAD)
Economic Commission for Africa (ECA)
African Development Bank (AfDB)
Correct answer is D
The African Development Bank was established to help reduce poverty, improve living conditions for Africans and mobilize resources for the continent's economic and social development.
An improvement in a country's terms of trade means that the
Nation can export more services
Nation's receipts on export are equal to payments on imports
Value of her imports is lower than her exports
Visible exports is less than visible imports
Correct answer is C
Terms of trade measure the ratio between the index of export prices and the index of 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. This means its exports values exceed that of its imports.