Waec Economics 2005 Past Questions and Answers

Question 36:

• WAEC 2005

Among the principles of taxation propounded by Adam Smith was that

A. A tax should be impossible to evade
B. A tax should be convenient to pay
C. No tax should be levied on food
D. There should be no taxation without representation

Question 37:

• WAEC 2005

Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is

A. Progressive
B. Regressive
C. Proportional
D. Ad-valorem

Question 38:

• WAEC 2005

Government revenue from the groundnut industry is from

A. Licences
B. Rents
C. Royalties
D. Taxes

Question 39:

• WAEC 2005

The theory of comparative cost advantage is associated with

A. Alfred Marshal
B. Adam Smith
C. David Ricardo
D. J. B. Say

Question 40:

• WAEC 2005

When the value of a nation’s export is greater than its imports

A. A favourable balance of trade exists
B. An unfavourable balance of payment exists
C. The net foreign trade is zero
D. Inflation occurs