Waec Economics 2002 Past Questions and Answers

Question 36:

• WAEC 2002

Which business organization enjoys tax-free point in est Africa?

A. Co-operative societies
B. Private limited liability companies
C. Joint stock companies
D. Partnerships

Question 37:

• WAEC 2002

The greatest revenue earning industry in Nigeria is

A. Construction
B. Agriculture
C. Manufacturing
D. Mining

Question 38:

• WAEC 2002

A market equilibrium exist when

A. No buyer goes home empty-handed
B. Demand and supply are increasing
C. Demand and supply are equal
D. The price is fluctuating

Question 39:

• WAEC 2002

The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the

A. Wholesaler
B. Retailer
C. Government
D. Consumer

Question 40:

• WAEC 2002

Budget surplus implies that

A. Expenditure equals revenue
B. Expenditure is less than revenue
C. Expenditure is greater than taxation
D. Direct tax is more than indirect tax