Waec Economics Past Questions For Year 2022
Question 11
The main function of the African Development Bank (AFDB) is to
- A. promote free trade and development among members
- B. provide loans to finance balance of payment problems
- C. provide loans to members to finance viable projects
- D. help members overcome their internal problems
Question 12
Given that a country's index of export price is 180 and that of import is 200, the terms of trade is
- A. 0.09
- B. 2.00
- C. 90.00
- D. 380.00
Question 13
Which of the following measures can lead to an increase in exports?
- A. Increase in export duties
- B. Increase in excise duties
- C. Depreciation of currency
- D. Total ban on imports
Question 14
A major characteristic of natural resources is that they
- A. are unlimited in supply
- B. have high cost of production
- C. are free gifts of nature
- D. do not command any price
Question 15
An increase in the price of commodity X led to a fall in the supply of commodity Y. Commodities X and Y are
- A. competitive goods
- B. composite goods
- C. jointly supplied
- D. derived goods
