Waec Economics Past Questions and Answers

Question 1536:

• WAEC 2016

One of the physical measures that can be used to reduce the volume of imports is the

A. Reduction of personnel income tax
B. Removal of imports duties
C. Use of foreign exchange control
D. Liberalization of credit for importers

Question 1537:

• WAEC 2016

When a number of countries agree to remove all trade barriers among themselves and at the same time charge a common tariff against non member countries, it known as

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

Question 1538:

• WAEC 2016

Which of the following international organizations is concerned with the stabilization of the balance of payments? the

A. International Monetary Fund (IMF)
B. World Bank (IBRD)
C. United Nations Organization (UNO)
D. Economic Commission for Africa (ECA)

Question 1539:

• WAEC 2016

The following data shows the budget of hypothetical country in2006. Study data and answer the questions that follow:

Revenue	[$ million]
Company tax	240
Workers' income tax	160
Excise duties	80
Taxes on exports	100
Value added tax	150
Import duties	90
Non-tax revenue	40

Expenditure	[$ million]
Construction of roads	100
Building of schools	120
Payment of workers' salaries	150
Government administration	200
Maintenance of health facilities	220
Extension of electricity to rural areas	180
Maintenance of official vechicles	70

(a) How many revenue was realised from:
(i) direct taxes;(3 marks) ,(ii) indirect taxes (3 marks)
(b)Calculate the total:
(i) recurrent expenditure (3 marks) ,(ii) capital expenditure (3 marks)
(c) What pencentage of total revenue was collected as indirect taxe? (3 marks)
(d) State two examples of non-tax revenue (2 marks)
(e) What was the budget surplus or deficit? Explain your answer. (3 marks).

Question 1540:

• WAEC 2016

The utility schedule of a consumer for a brand of ice cream is shown in the table below. Use the information to answer the questions that follow:

Units Consumed (Q)	Total Utility (TU)	Marginal Utility (MU)
0	0	-
1	10	10
2	19	R
3	P	6
4	30	5
5	31	S
6	Q	0
7	29	-2

(a) Calculate the values of P,Q,and S. (8 marks).
(b) Given that the jprice of ice cream is $ 1.00 per unit, at what level of consumption is the consumer in equilibrium? Explain your answer. (3 marks).
(c) Use a graph sheet, draw the marginal utility curve.(3 marks).
(d) State the law of diminishing marginal utility. (3 marks).