Waec Economics Past Questions and Answers

Question 871:

• WAEC 2005

Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is

A. Progressive
B. Regressive
C. Proportional
D. Ad-valorem

Question 872:

• WAEC 2005

Government revenue from the groundnut industry is from

A. Licences
B. Rents
C. Royalties
D. Taxes

Question 873:

• WAEC 2005

The theory of comparative cost advantage is associated with

A. Alfred Marshal
B. Adam Smith
C. David Ricardo
D. J. B. Say

Question 874:

• WAEC 2005

When the value of a nation’s export is greater than its imports

A. A favourable balance of trade exists
B. An unfavourable balance of payment exists
C. The net foreign trade is zero
D. Inflation occurs

Question 875:

• WAEC 2005

To improve the balance of payment s position in West African countries, there must be

A. Removal of barriers to importation of goods and services
B. Increase rate of exportation of goods and services
C. Increase domestic consumption of foreign produced goods
D. The development of the local market