WAEC Economics Past Questions & Answers - Page 150

746.

International trade depends on the concept of?

A.

Marginal cost advantage

B.

Comparative cost disadvantages

C.

Comparative cost advantage

D.

Absolute cost

Correct answer is C

No explanation has been provided for this answer.

747.

Which of the following contributes the highest amount of foreign exchange to the economy of West African nations?

A.

Construction, manufacturing and banking

B.

Shipping, trading and fishing

C.

Power, telecommunication and sports

D.

Extraction, farming and tourism

Correct answer is D

No explanation has been provided for this answer.

748.

One of the advantages of capitalism is that

A.

Consumers are exploited

B.

Private initiatives is discouraged

C.

Efficient allocation of resource is assured

D.

Job security is assured

Correct answer is C

No explanation has been provided for this answer.

749.

The population of a country in a certain year was fifty million and her per capita income was $2,050. What was the national income?

A.

$750,000 million

B.

$100,250 million

C.

$102,500 million

D.

$125,050 million

Correct answer is C

No explanation has been provided for this answer.

750.

If the population of a country is low and the Gross National Product is high, the per capita income will be

A.

High

B.

Low

C.

Average

D.

Unitary

Correct answer is A

No explanation has been provided for this answer.