1992 - WAEC Economics Past Questions and Answers - page 3
21
Proportional tax is a tax whose
A
percentage rate remains constant as the tax base increases
B
percentage base increases as the tax base increases
C
percentage rate decreases as the tax rate increases
D
percentage rate fluctuates as the tax base increases
correct option: a
Users' Answers & Comments22
the largest part of the revenue of a country is derived from
A
direct taxation
B
indirect taxation
C
excise duties
D
company taxes
correct option: b
Users' Answers & Comments23
which of the following is not a good reason for the importation of agriculture in West African countries? it
A
employs about 60% of the people
B
provides the highest tax revenue
C
is a major foreign exchange earner in most of the countries
D
provides the raw materials for all import-substitution industries
correct option: e
Users' Answers & Comments24
The comparative cost of doctrine of international trade means specialization in production according to
A
absolute cost advantage
B
absolute cost disadvantage
C
comparative cost disadvantage
D
comparative cost advantage
correct option: d
Users' Answers & Comments25
The greater burden of the taxes on essential goods is borne by
A
the middle income group
B
high income group
C
low income group
D
people between the middle and high income group
correct option: c
Users' Answers & Comments26
A change in supply implies a
A
shift in the supply curve to the right and not to the left
B
shift in supply curve to the left and not to the right
C
shift in supply curve to the left or to the right
D
movement along the supply curve
correct option: c
Users' Answers & Comments27
Which of the following will increase the GNP of an economy?
A
increase government expenditure on the salary of the civil serants
B
An increase in the proportion of the productively employed population
C
a decrease in the rate of unemployment
D
A decrease in the output per worker
correct option: b
Users' Answers & Comments28
A market condition where profit is maximized when MR = AR = MC = P is known as
A
monopoly
B
oligopoly
C
monopsony
D
perfect competition
correct option: d
Users' Answers & Comments29
when price of a commodity is fixed by the law either below or above the equilibrium, the mechanism is known as
A
price discrimination
B
price control
C
perfect market
D
equilibrium price
correct option: b
Users' Answers & Comments30
Money supply is the
A
currency available in the banks
B
currency in circulation and time deposits
C
currency in circulation and saving deposits
D
currency in circulation and demand deposits
correct option: d
Users' Answers & Comments