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The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non-members is a feature of a?

by Sunday | Nov 8 | Economics WAEC

A. free trade B. custom union C. common market D. economic union Correct Answer: Option D D. economic union Explanation An economic union is an agreement between two or more nations to allow goods, services, money, and workers to move over borders freely. The...

A country has favourable terms of trade when the prices of her?

by Sunday | Nov 8 | Economics WAEC

A. exports rise relative to the price of her imports B. exports fall relative to the price of her imports C. imports rise faster than the prices of imports D. imports and exports move in the same direction Correct Answer: Option A A. exports rise relative to the price...

A conscious effort of the government to achieve a specific set of goals is?

by Sunday | Nov 8 | Economics WAEC

A. economic planning B. economic development C. economic growth D. economic target Correct Answer: Option A A. economic planning Explanation An economic plan is an outline of schemes designed to achieve certain pre-determined economic objectives, in a particular order...

The export of West African countries are mostly composed of?

by Sunday | Nov 8 | Economics WAEC

A. service B. raw materials C. manufactured goods D. consumer goods Correct Answer: Option B B. raw materials Explanation A raw material, also known as a feedstock, unprocessed material, or primary commodity, is a basic material that is used to produce goods, finished...

When the demand for foreign exchange exceeds its supply, the value of the domestic currency?

by Sunday | Nov 8 | Economics WAEC

A. appreciates B. depreciates C. remains unchanged D. expands Correct Answer: Option B B. depreciates Explanation If the demand for a foreign currency exceeds its supply, the exchange rate will increase. This will cause the local currency to suffer. because more of...

In order to control inflation, the government should?

by Sunday | Nov 8 | Economics WAEC

A. reduce the cost of borrowing B. buy securities in the open market C. adopt a restrictive monetary policy D. discourage savings Correct Answer: Option C C. adopt a restrictive monetary policy Explanation One popular method of controlling inflation is through a...
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