Waec Economics 2015 Past Questions and Answers

Question 51:

• WAEC 2015

The table below shows the incomes and rates of income tax levied on four professionals in an economy.

Profession	Income per month($)	Tax rate %	Disposable income ($)
Doctor	8,000	10
Engineer	7,000	12
Civil servant	5,000	18
Nurse	6,000	15

Use the above data to answer the questions that follows:
(a) Calculate the disposable incomes of the four individuals
(b) What system of taxtation was employed?
(c) Give reasons for your answer in 2(b)
(d) With the aid of a diagram, explain the system of taxation employed in 2(b)

Question 52:

• WAEC 2015

(a) What is a trade union?
(b) Describe any four functions of trade unions.
(c) Outline any two weapons used by trade unions to achieve their objectives.

Question 53:

• WAEC 2015

(a) Outline any four objectives of a price control policy.
(b) Highlight any four effects of a maximum price control policy.

Question 54:

• WAEC 2015

(a) What are infant industries?
(b) State any four reasons for protecting infant industries.
(c) Outline any three ways by which industries can be financed in West Africa.

Question 55:

• WAEC 2015

(a) What is balance of payment disequilibrium?
(b) Explain the two types of balance of payment disequilibrium.
(c) Highlight any four reasons most West African countries are experiencing balance of payment problem.