Waec Economics Past Questions and Answers

Question 811:

• WAEC 2004

The act of selling goods in foreign markets at prices below those charged at home market is called

A. Exchange
B. Specialization
C. Dumping
D. Exporting

Question 812:

• WAEC 2004

Taxes levied on commodities are

A. Direct taxes
B. Indirect tax
C. Poll tax
D. Investment taxes

Question 813:

• WAEC 2004

One disadvantages of direct tax is that

A. Government's revenue is reduced
B. Price of essential commodities fall
C. People are discouraged from additional work
D. Firms make more profit

Question 814:

• WAEC 2004

International trade is an application of the principle of

A. Industrial production
B. Mass production
C. Regional co-operation
D. Comparative cost advantage

Question 815:

• WAEC 2004

Trade among West African countries is poor because the

A. Countries are self-sufficient
B. Communication links are weak
C. Number of banks is insufficient
D. People are not enterprising