Waec Economics Past Questions and Answers

Question 1696:

• WAEC 1996

In calculating the Gross National Product (GNP) by the income approach , all the following are included except

A. Wages and salaries
B. Direct taxes paid by persons and companies
C. Rents on houses
D. Retirement benefits
E. Business profits

Question 1697:

• WAEC 1996

Exchange control is a weapon used in regulating

A. Internal trade
B. Stock exchange
C. Foreign exchange
D. Barter trade
E. Exchange of personal properties

Question 1698:

• WAEC 1996

The current and capital accounts in Nigeria’s balance of payments contain all the following items except

A. Oil export
B. Receipts for shipping services
C. Cost of aviation
D. Foreign investment
E. IMF Standard Drawing Right (SDR)

Question 1699:

• WAEC 1996

Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The

A. Wholesaler
B. Shareholders
C. Retailer
D. Consumers
E. Entreprenuer

Question 1700:

• WAEC 1996

Economic growth specifically refers to the

A. Reliance on imported goods in preference to home-made goods
B. Sustained increase in the output of goods and services per head
C. Change in technical and institutional arangment of the economy
D. Continued increase in the depletion of a country's natural resources
E. Increase in the total number of people in the economy