Waec Economics Past Questions and Answers

Question 501:

• WAEC 1999

One quality of money which makes it possible to be carried easily is its

A. Scarcity
B. Durability
C. Portability
D. Acceptability

Question 502:

• WAEC 1999

A form of tax in which the poor pay a higher rate than the rich is known as

A. Regressive tax
B. Backward tax
C. Oppressive tax
D. Retrogressive tax

Question 503:

• WAEC 1999

The reduction in the value of a country's currency of other nations is known as

A. Deflation
B. Devaluation
C. Inflation
D. Revaluation

Question 504:

• WAEC 1999

The creation of utility can be referred to as

A. Value added
B. Profit maximization
C. Entreprenuership
D. Production

Question 505:

• WAEC 1999

Government revenue will increase if tax is imposed on a good whose demand is

A. Elastic
B. Inelastic
C. Unitary elastic
D. Perfectly elastic