WASSCE Economics · Paper 1 style

Trade

One sample question with the full working. 1 more in the app, with instant feedback and repair sessions for the traps below.

Importing goods and re-exporting them to other countries is

Aentrepot trade
Bbarter
Cdumping
Dhome trade

Show the answer and working

Answer: A

Re-export = entrepot trade.

Trap B Confuses functions of money: Medium of exchange removes double coincidence of wants; unit of account measures value; store of value keeps purchasing power over time; standard of deferred payment settles future debts.

Trap C Confuses international economic organisations: IMF: short-term balance-of-payments support. World Bank (IBRD): long-term development loans. WTO: rules of world trade. OPEC: oil-exporters' production policy. ECOWAS: West African economic integration.

Trap D Reverses the direction of the effect: Trace the chain step by step (e.g. buying securities → banks gain cash → money supply rises) and check the sign at every link.

Traps in Trade

Confuses functions of money
Medium of exchange removes double coincidence of wants; unit of account measures value; store of value keeps purchasing power over time; standard of deferred payment settles future debts.
Confuses international economic organisations
IMF: short-term balance-of-payments support. World Bank (IBRD): long-term development loans. WTO: rules of world trade. OPEC: oil-exporters' production policy. ECOWAS: West African economic integration.
Reverses the direction of the effect
Trace the chain step by step (e.g. buying securities → banks gain cash → money supply rises) and check the sign at every link.

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