Waec Economics 2004 Past Questions and Answers

Question 56:

• WAEC 2004

(a) Distinguish between:
(i) a mortgage bank and a merchant bank.
(ii) a commercial bank and a development bank.
(b) Explain any four functions of commercial banks.

Question 57:

• WAEC 2004

(a) What is a tax?
(b) Describe any four principles of a good tax system.

Question 58:

• WAEC 2004

Explain each of the following terms:
(a) Export promotion
(b) Depreciation
(c) Terms of trade
(d) Balance of trade.