Waec Economics 2004 Past Questions and Answers

Question 36:

• WAEC 2004

Taxes levied on commodities are

A. Direct taxes
B. Indirect tax
C. Poll tax
D. Investment taxes

Question 37:

• WAEC 2004

One disadvantages of direct tax is that

A. Government's revenue is reduced
B. Price of essential commodities fall
C. People are discouraged from additional work
D. Firms make more profit

Question 38:

• WAEC 2004

International trade is an application of the principle of

A. Industrial production
B. Mass production
C. Regional co-operation
D. Comparative cost advantage

Question 39:

• WAEC 2004

Trade among West African countries is poor because the

A. Countries are self-sufficient
B. Communication links are weak
C. Number of banks is insufficient
D. People are not enterprising

Question 40:

• WAEC 2004

A policy by which government restrict the amount of foreign currencies bought and sold is known as

A. Devaluation
B. Credit creation
C. Exchanging control
D. Export promotion