Waec Economics 2015 Past Questions and Answers

Question 46:

• WAEC 2015

In order to correct adverse balance of payments problem, government should?

A. Reduce tariffs
B. Increase subsidies on exports
C. Increase tax on local industries
D. Reduce personal income tax

Question 47:

• WAEC 2015

which of the following is a benefit to a member country of World Bank?

A. Easy access to long term loans
B. Management of foreign exchange
C. Mediating in labour dispute
D. Financing balance of payment deficit

Question 48:

• WAEC 2015

EXPECTED REVENUE

Items	Amount ($m)
Rents and royalties	75.00
Company income tax	150.00
Custom and excise duties	300.20
personal income tax	80.00
Fees and fines	60.00
value added tax	100.00

Use the information to answer the following question


what is the total revenue from indirect tax

A. $686.0 m
B. $400.20 m
C. $135.80 m
D. $100.00 m

Question 49:

• WAEC 2015

EXPECTED REVENUE

Items	Amount ($m)
Rents and royalties	75.00
Company income tax	150.00
Custom and excise duties	300.20
personal income tax	80.00
Fees and fines	60.00
value added tax	100.00

Use the information to answer the following question


what is the total revenue from non tax sources

A. $400.20 m
B. $375.20 m
C. $135.00 m
D. $75.00 m

Question 50:

• WAEC 2015

The total fixed cost (TFC) and total cost (TC) functions of a hypothetical firm are shown in the graph below. Study it and answer the questions that follow:
(a) Determine the firm's
(i) variable cost at output levels 2, 4 and 6
(ii) average total cost at output levels 2 and 3
(iii) marginal cost at output levels 4 and 6
(b) If the price of the firm's product is $40, calculate the firm's profit or loss when the following units are sold:
(i) 2 units; (ii) 4 units