Economics 2001 Waec Past Questions and Answers

Question 41 :

• WAEC 2001

A greater burden of tax on a product with high price elasticity of demand rests mainly on the

A. Producer
B. Teacher
C. Civil servant
D. Middlemen

Question 42 :

• WAEC 2001

An ad volarem tax refers to a tax

A. Imposed on exports
B. On goods manufactured in the country
C. Based on the value of the commodity
D. Levied on income

Question 43 :

• WAEC 2001

Which of the following is associated with the development of petroleum industry in Nigeria?

A. Neglect of agriculture
B. Increase in population growth
C. Increase in the rate of unemployment
D. Decrease in the rate of inflation

Question 44 :

• WAEC 2001

Balance of payment deficit can be corrected by

A. Purchasing foreign assets
B. Acumulating foreign reserves
C. Export promotion measures
D. Import promotion measures

Question 45 :

• WAEC 2001

The exchange of goods and services across countries can be described as

A. Bi-lateral trade
B. Multilateral trade
C. National trade
D. Home trade