Waec Economics 1997 Past Questions and Answers

Question 36:

• WAEC 1997

when the government imposes a unit tax on a commodity with perfectly inelastic demand , the

A. Tax is borne entirley by the seller
B. Tax is shared equally between the buyer and the seller
C. Seller bears 70% and the consumer bears 30% of the tax
D. Tax is borne entirely by the consumer
E. Tax is borne by nobody

Question 37:

• WAEC 1997

Free Trade means

A. Producers are free to determine their prices
B. Market forces are allowed to determine prices
C. Non-restriction of international trade
D. Goods are to be sold free of charge
E. People are free to buy in foreign countries

Question 38:

• WAEC 1997

In a public company , entrepreneural function are performed by the

A. Workers
B. Shareholders
C. Creditors
D. Board of directors
E. Chairman

Question 39:

• WAEC 1997

Term of trade is the

A. Ratio of capital movement to export movements
B. Ratio of import to short-term export
C. Difference between export and import
D. Ratio of short-term capital movement to long-term capital movements
E. Ratio of index of export prices to index of import prices

Question 40:

• WAEC 1997

Tariff can be define as a compulsory levy on

A. Goods that are produced and consumed locally
B. Foreign exchange earnings
C. Imported but inferior goods
D. Foreigners working in a country
E. Imports and exports