Economics 2003 Waec Past Questions and Answers

Question 51 :

• WAEC 2003

The table below shows the tax payments of four income earners in a year. Use the information in the table to answer the questions that follow.
Income EarnersIncome Base

tax	Payments
N	N
A	B
Jawara	15,000.00	1,500.00	1,200.00
Ade	25,000.00	2,000.00	2,000.00
Eke	32,000.00	3,200.00	2,240.00
Audu	60,000.00	6,000.00	3,000.00

(a) Determine the percentage rate of taxation paid by
(i) Jawara in columns A and B.
(ii) Audu in columns A and B.
(iii) Ade in columns B.
(iv) Eke in column B
(b)(i) Identify the systems of taxation employed in columns A and B.
(ii) Which of the income earners have the least burden under column B?
(c) (i) If government increases its rate of taxation to 15% flat rate, how much revenue will be generated from the payees?
(ii) At 15% flat rate taxation, calculate the disposable incomes of Messrs Jawara, Ade, Eke and Audu.

Question 52 :

• WAEC 2003

(a) Why is the scale of preference important
(b) Explain the concept, opportunity cost.
(c) State the opportunity cost in each of the following actions:
(i) A shirt was purchased for N500.00 instead of a pair of shoes.
(ii) Onions were planted on a farm realizing N20,000.00 instead of maize that could have realized N25,000.00

Question 53 :

• WAEC 2003

Why do government conduct population census?

Question 54 :

• WAEC 2003

(a) What is price elasticity of demand?
(b) With carefully labeled diagrams, illustrate each of the following:
(i) perfectly inelastic demand
(ii) unitary elastic demand
(iii) fairly elastic demand
(iv) perfectly elastic demand.

Question 55 :

• WAEC 2003

Explain any four of the following terms:
(a) Nationalization
(b) Commercialization
(c) Privatization
(d) Indigenization
(e) Joint Ventures.