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Economics 2015 WAEC Past Questions

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46

which of the following is a benefit to a member country of World Bank?

  • A. easy access to long term loans
  • B. management of foreign exchange
  • C. mediating in labour dispute
  • D. financing balance of payment deficit
View Answer & Discuss WAEC 2015
EXPECTED REVENUE
Items Amount ($m)
Rents and royalties 75.00
Company income tax 150.00
Custom and excise duties 300.20
personal income tax 80.00
Fees and fines 60.00
value added tax 100.00

Use the information to answer the following question 

47

what is the total revenue from indirect tax

  • A. $686.0 m
  • B. $400.20 m
  • C. $135.80 m
  • D. $100.00 m
View Answer & Discuss WAEC 2015
48

what is the total revenue from non tax sources

  • A. $400.20 m
  • B. $375.20 m
  • C. $135.00 m
  • D. $75.00 m
View Answer & Discuss (1) WAEC 2015
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49

The total fixed cost (TFC) and total cost (TC) functions of a hypothetical firm are shown in the graph below. Study it and answer the questions that follow:

(a) Determine the firm's
(i) variable cost at output levels 2, 4 and 6
(ii) average total cost at output levels 2 and 3
(iii) marginal cost at output levels 4 and 6

(b) If the price of the firm's product is $40, calculate the firm's profit or loss when the following units are sold:
(i) 2 units; (ii) 4 units

View Answer & Discuss (2) WAEC 2015
50

The table below shows the incomes and rates of income tax levied on four professionals in an economy.
 

 Profession  Income per month($)  Tax rate %  Disposable income ($)
 Doctor  8,000  10  
 Engineer  7,000  12  
 Civil servant  5,000  18  
 Nurse  6,000  15  

Use the above data to answer the questions that follows: 

(a) Calculate the disposable incomes of the four individuals

(b) What system of taxtation was employed?

(c) Give reasons for your answer in 2(b)

(d) With the aid of a diagram, explain the system of taxation employed in 2(b)

View Answer & Discuss (1) WAEC 2015
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