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Economics WAEC Past Questions

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1821

Mr. X and Mrs. Y pay $500.00 and $1,400.00 as taxes on their earning of S5,000.00 and $7,000.00 respectively. The system of taxation employed is

  • A. specific tax
  • B. proportional tax
  • C. regressive tax
  • D. progressive tax
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1822

Expenditure on food takes a large proportion of the incomes of people in

  • A. industrialized countries
  • B. advanced countries
  • C. developing countries
  • D. capitalist countries
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1823

A country should embark on development planning to ensure that

  • A. it becomes popular among the comity of nations
  • B. it also does what others are doing
  • C. its scarce productive resources are efficiently utilized
  • D. the nation is able to contribute its own quota to international organizations.
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1824

A country is allowed to import just 50,000 tonnes of rice annually. This describes 

  • A. devaluation
  • B. tariff
  • C. embargo
  • D. quota
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1825

Dumping is selling goods in a foreign market at a price 

  • A. below what is sold at the home market
  • B. above what is sold at the home market.
  • C. equal to what is sold at the home market
  • D. equal to the cost of producing the goods
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