Waec Economics 1999 Past Questions and Answers

Question 26:

• WAEC 1999

The situation where by a government spends more than its budgets for a fiscal year is known as

A. Extra budget
B. Surplus budget
C. Mid-year budget
D. Deficit budget

Question 27:

• WAEC 1999

In a socialist economy, factors of production are owned and controlled by the

A. Citizens
B. Businessmen
C. Government
D. Foreigners

Question 28:

• WAEC 1999

One quality of money which makes it possible to be carried easily is its

A. Scarcity
B. Durability
C. Portability
D. Acceptability

Question 29:

• WAEC 1999

A form of tax in which the poor pay a higher rate than the rich is known as

A. Regressive tax
B. Backward tax
C. Oppressive tax
D. Retrogressive tax

Question 30:

• WAEC 1999

The reduction in the value of a country's currency of other nations is known as

A. Deflation
B. Devaluation
C. Inflation
D. Revaluation