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Economics 2002 WAEC Past Questions

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36
The greatest revenue earning industry in Nigeria is
  • A. construction
  • B. agriculture
  • C. manufacturing
  • D. mining
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37
A market equilibrium exist when
  • A. no buyer goes home empty-handed
  • B. demand and supply are increasing
  • C. demand and supply are equal
  • D. the price is fluctuating
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38
The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the
  • A. wholesaler
  • B. retailer
  • C. government
  • D. consumer
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39
Budget surplus implies that
  • A. expenditure equals revenue
  • B. expenditure is less than revenue
  • C. expenditure is greater than taxation
  • D. direct tax is more than indirect tax
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40
International trade is based on the law of
  • A. absolute cost advantage
  • B. variable proportion
  • C. comparative cost advantage
  • D. mutual co-operation
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts