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Economics 2005 WAEC Past Questions

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36

Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is

  • A. progressive
  • B. regressive
  • C. proportional
  • D. ad-valorem
View Answer & Discuss (4) WAEC 2005
37
Government revenue from the groundnut industry is from
  • A. licences
  • B. rents
  • C. royalties
  • D. taxes
View Answer & Discuss WAEC 2005
38
The theory of comparative cost advantage is associated with
  • A. Alfred Marshal
  • B. Adam Smith
  • C. David Ricardo
  • D. J. B. Say
View Answer & Discuss WAEC 2005
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39
When the value of a nation’s export is greater than its imports
  • A. a favourable balance of trade exists
  • B. an unfavourable balance of payment exists
  • C. the net foreign trade is zero
  • D. inflation occurs
View Answer & Discuss WAEC 2005
40
To improve the balance of payment s position in West African countries, there must be
  • A. removal of barriers to importation of goods and services
  • B. increase rate of exportation of goods and services
  • C. increase domestic consumption of foreign produced goods
  • D. the development of the local market
View Answer & Discuss WAEC 2005
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