Waec Economics Past Questions and Answers

Question 1476:

• WAEC 2015

The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a

A. Free trade
B. Custom union
C. Common market
D. Economic union

Question 1477:

• WAEC 2015

In order to correct adverse balance of payments problem, government should?

A. Reduce tariffs
B. Increase subsidies on exports
C. Increase tax on local industries
D. Reduce personal income tax

Question 1478:

• WAEC 2015

which of the following is a benefit to a member country of World Bank?

A. Easy access to long term loans
B. Management of foreign exchange
C. Mediating in labour dispute
D. Financing balance of payment deficit

Question 1479:

• WAEC 2015

EXPECTED REVENUE

Items	Amount ($m)
Rents and royalties	75.00
Company income tax	150.00
Custom and excise duties	300.20
personal income tax	80.00
Fees and fines	60.00
value added tax	100.00

Use the information to answer the following question


what is the total revenue from indirect tax

A. $686.0 m
B. $400.20 m
C. $135.80 m
D. $100.00 m

Question 1480:

• WAEC 2015

EXPECTED REVENUE

Items	Amount ($m)
Rents and royalties	75.00
Company income tax	150.00
Custom and excise duties	300.20
personal income tax	80.00
Fees and fines	60.00
value added tax	100.00

Use the information to answer the following question


what is the total revenue from non tax sources

A. $400.20 m
B. $375.20 m
C. $135.00 m
D. $75.00 m