Waec Economics Past Questions and Answers

Question 696:

• WAEC 2002

The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the

A. Wholesaler
B. Retailer
C. Government
D. Consumer

Question 697:

• WAEC 2002

Budget surplus implies that

A. Expenditure equals revenue
B. Expenditure is less than revenue
C. Expenditure is greater than taxation
D. Direct tax is more than indirect tax

Question 698:

• WAEC 2002

International trade is based on the law of

A. Absolute cost advantage
B. Variable proportion
C. Comparative cost advantage
D. Mutual co-operation

Question 699:

• WAEC 2002

Terms of trade is used to describe

A. The quality of exports
B. The direction of foreign trades
C. Purchases on deferred payment basis
D. The rate at which exports exchange for imports

Question 700:

• WAEC 2002

A nation's net export is negative when her

A. Stock of goods is declining
B. Depreciation exceeds investment
C. Exports is adjusted upwards
D. Imports exceeds exports