41. One way of speeding up the economic development of a country is by encouraging
- A. the consumption of consumer goods
- B. early marriage
- C. the importation of more consumer goods
- D. savings and investment
Reveal Answer
42. 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
Reveal Answer
43. Infant industries can be described as?
- A. newly established industries
- B. industries enjoying tax holidays
- C. industries producing baby products
- D. newly commercialized industries
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44. Modern international trade is based on the principle of?
- A. absolute cost advantage
- B. comparative advantage
- C. terms of trade
- D. balance of trade
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45. 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
Reveal Answer
46. 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
Reveal Answer
47. One objective of organisation of petroleum 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
Reveal Answer
48. Which of the following resources is renewable
- A. coal
- B. iron ore
- C. rice
- D. limestone
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49. The negative effects of mining in west Africa does not include?
- A. Reafforestation in rural communities
- B. land degradation
- C. destruction of farm lands
- D. pollution of water bodies
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50. Gross national expenditure at factor cost is_________
- A. ₤ 88,000m
- B. ₤ 82,000m
- C. ₤ 74,000m
- D. ₤ 72,000m
Reveal Answer
