Economics, 2017, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2017

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

41 - 48 of 48 Questions

#	Question	Ans
41.	Dumping in international occurs when a foreign firm sells A. above its cost of production at home and abroad B. below its cost of production at home and abroad C. more goods to a country than the country has need of D. below its cost of production in a foreign market Show Content Detailed Solution Dumping is a term used in the context of international trade. It's when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market. it means exported goods are sold cheaper in the foreign market than the the exporter's domestic. that means the goods are sold below its cost of production	D
42.	Infant industries can be described as? A. newly established industries B. industries enjoying tax holidays C. industries producing baby products D. newly commercialized industries Show Content Detailed Solution In economics, an infant industry is a new industry, which in its early stages experiences relative difficulty or is absolutely incapable in competing with established competitors abroad.	A
43.	Modern international trade is based on the principle of? A. absolute cost advantage B. comparative advantage C. terms of trade D. balance of trade Show Content Detailed Solution Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.	B
44.	Which of the following terms of trade is recorded in a country's current account section of the balance of payments A. investment income B. foreign direct investment C. longterm capital flows D. long-term loans Show Content Detailed Solution The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments.	A
45.	One problem facing the economic integration of countries in west Africa is the A. presence of large and developed market B. uneven development among west African countries C. existence of different central banks in the countries D. fairly of labour to move freely in the country	B
46.	One objective of organisation of patroleum exporting countries (OPEC) is to? A. harmonize and stabilize oil prizes B. ensure excess supply of oil to consuming countries C. subsidize oil prices in member countries D. assist member countries to exploit oil resources Show Content Detailed Solution OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fairreturn on capital to those investing in the industry.	A
47.	Which of the following resources is renewable A. coal B. iron ore C. rice D. limestone Show Content Detailed Solution A renewable resource is a natural resource that will renew to replace the portion that is worn off due to usage and consumption, either through natural reproduction or other recurring processes in a determinate amount of time. Renewable resources are a part of Earth's natural environment and the largest components of its ecosphere. Rice is a renewable resource as a source of food.	C
48.	The negative effects of mining in wast A frica does not include? A. Reafforestation in rural communities B. land degradation C. destruction of farm lands D. pollution of water bodies Show Content Detailed Solution Mining has the potential to have severely adverse effects on the environment including loss of biodiversity, erosion, contamination of surface water, ground water, and soil. The formation of sinkholes is also possible.	A

41.	Dumping in international occurs when a foreign firm sells A. above its cost of production at home and abroad B. below its cost of production at home and abroad C. more goods to a country than the country has need of D. below its cost of production in a foreign market Show Content Detailed Solution Dumping is a term used in the context of international trade. It's when a country or company exports a product at a price that is lower in the foreign importing market than the price in the exporter's domestic market. it means exported goods are sold cheaper in the foreign market than the the exporter's domestic. that means the goods are sold below its cost of production	D
42.	Infant industries can be described as? A. newly established industries B. industries enjoying tax holidays C. industries producing baby products D. newly commercialized industries Show Content Detailed Solution In economics, an infant industry is a new industry, which in its early stages experiences relative difficulty or is absolutely incapable in competing with established competitors abroad.	A
43.	Modern international trade is based on the principle of? A. absolute cost advantage B. comparative advantage C. terms of trade D. balance of trade Show Content Detailed Solution Comparative advantage is an economic term that refers to an economy's ability to produce goods and services at a lower opportunity cost than that of trade partners. A comparative advantage gives a company the ability to sell goods and services at a lower price than its competitors and realize stronger sales margins.	B
44.	Which of the following terms of trade is recorded in a country's current account section of the balance of payments A. investment income B. foreign direct investment C. longterm capital flows D. long-term loans Show Content Detailed Solution The current account on the balance of payments measures the inflow and outflow of goods, services, investment incomes and transfer payments.	A

45.	One problem facing the economic integration of countries in west Africa is the A. presence of large and developed market B. uneven development among west African countries C. existence of different central banks in the countries D. fairly of labour to move freely in the country	B
46.	One objective of organisation of patroleum exporting countries (OPEC) is to? A. harmonize and stabilize oil prizes B. ensure excess supply of oil to consuming countries C. subsidize oil prices in member countries D. assist member countries to exploit oil resources Show Content Detailed Solution OPEC's objective is to co-ordinate and unify petroleum policies among Member Countries, in order to secure fair and stable prices for petroleum producers; an efficient, economic and regular supply of petroleum to consuming nations; and a fairreturn on capital to those investing in the industry.	A
47.	Which of the following resources is renewable A. coal B. iron ore C. rice D. limestone Show Content Detailed Solution A renewable resource is a natural resource that will renew to replace the portion that is worn off due to usage and consumption, either through natural reproduction or other recurring processes in a determinate amount of time. Renewable resources are a part of Earth's natural environment and the largest components of its ecosphere. Rice is a renewable resource as a source of food.	C
48.	The negative effects of mining in wast A frica does not include? A. Reafforestation in rural communities B. land degradation C. destruction of farm lands D. pollution of water bodies Show Content Detailed Solution Mining has the potential to have severely adverse effects on the environment including loss of biodiversity, erosion, contamination of surface water, ground water, and soil. The formation of sinkholes is also possible.	A