WAEC Economics Past Questions & Answers - Page 15

71.

Examples of land that are non-renewable include__________

A.

Marshy and water-logged land

B.

Farmland already used tor many years

C.

Some natural resources such as natural gas

D.

Oxygen and carbon dioxide in the atmosphere

Correct answer is C

No explanation has been provided for this answer.

72.

Balance of payments and trade problems that arose after the world wars were resolved by the____________

A.

International Bank tor Reconstruction and Development

B.

International Monetary Fund

C.

African Development Bank

D.

Organization of Petroleum Exporting Countries

Correct answer is A

No explanation has been provided for this answer.

73.

A customs union is an economic grouping which has__________

A.

Free movement of factors of production

B.

Common tariffs against non-Members

C.

Common currency for trading

D.

Common military defence

Correct answer is B

No explanation has been provided for this answer.

74.

A country may be able to earn more from exports if she_____________

A.

Increase her export duty

B.

Devalues her currency

C.

Increases her import duty

D.

Allows her currency to appreciate

Correct answer is B

No explanation has been provided for this answer.

75.

If a country imposes a barrier on trade, the resultant effect will be ________

A.

A halt in buying and selling

B.

High quality goods from local industries

C.

An increase in the demand for locally produced goods

D.

Shutdown of infant industries

Correct answer is C

No explanation has been provided for this answer.