Waec Economics 1992 Past Questions and Answers

Question 21:

• WAEC 1992

Which of the following is not function of central bank

A. Banker to the Government
B. Banker's bank
C. Acceptance of deposit from the public
D. Responsibility for monetary policy
E. Lenders of last resort

Question 22:

• WAEC 1992

Proportional tax is a tax whose

A. Percentage rate remains constant as the tax base increases
B. Percentage base increases as the tax base increases
C. Percentage rate decreases as the tax rate increases
D. Percentage rate fluctuates as the tax base increases
E. Burden falls heavily on consumer

Question 23:

• WAEC 1992

the largest part of the revenue of a country is derived from

A. Direct taxation
B. Indirect taxation
C. Excise duties
D. Company taxes
E. Non-tax revenue

Question 24:

• WAEC 1992

which of the following is not a good reason for the importation of agriculture in West African countries? it

A. Employs about 60% of the people
B. Provides the highest tax revenue
C. Is a major foreign exchange earner in most of the countries
D. Provides the raw materials for all import-substitution industries
E. Provide raw materials only for foreign industries

Question 25:

• WAEC 1992

The comparative cost of doctrine of international trade means specialization in production according to

A. Absolute cost advantage
B. Absolute cost disadvantage
C. Comparative cost disadvantage
D. Comparative cost advantage
E. The availability of labour