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Economics 1996 WAEC Past Questions

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26
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
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27
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
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28
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)
View Answer & Discuss WAEC 1996
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29
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
View Answer & Discuss WAEC 1996
30
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
View Answer & Discuss WAEC 1996
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