Waec Economics 1996 Past Questions and Answers

Question 26:

• WAEC 1996

Development banks mainly provides

A. Savings account facilities for a developing economy
B. Foreign exchange facilities for importers and exporters
C. Capital for development of specific sectors
D. Capital for hire-purchase of machinery
E. Capital for the development of special banks

Question 27:

• WAEC 1996

In calculating the Gross National Product (GNP) by the income approach , all the following are included except

A. Wages and salaries
B. Direct taxes paid by persons and companies
C. Rents on houses
D. Retirement benefits
E. Business profits

Question 28:

• WAEC 1996

Exchange control is a weapon used in regulating

A. Internal trade
B. Stock exchange
C. Foreign exchange
D. Barter trade
E. Exchange of personal properties

Question 29:

• WAEC 1996

The current and capital accounts in Nigeria’s balance of payments contain all the following items except

A. Oil export
B. Receipts for shipping services
C. Cost of aviation
D. Foreign investment
E. IMF Standard Drawing Right (SDR)

Question 30:

• WAEC 1996

Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The

A. Wholesaler
B. Shareholders
C. Retailer
D. Consumers
E. Entreprenuer