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WAEC Economics 2026 Question 37

Question 37

Balance of Payments and Exchange Rates

A physical measure that can be used to correct a chronic balance of payments deficit is

  1. A.a reduction in subsidy on exports
  2. B.a rise in government expenditure
  3. C.an increase in import tariffs
  4. D.a reduction in import quotas
Show the answer and explanation

Answer: C (an increase in import tariffs)

Explanation

Higher import tariffs cut imports; the other options worsen the deficit.