2003 - WAEC Economics Past Questions and Answers - page 5
41
Which of the following is a direct tax?
A
import duties
B
purchase tax
C
export duties
D
personal income tax
correct option: d
Users' Answers & Comments42
The tax whose rate increase as the level of income increases is known as
A
regressive tax
B
proportional tax
C
progressive tax
D
company tax
correct option: c
Users' Answers & Comments43
Public expenditure on on education and health is known as expenditure on
A
general services
B
social services
C
commercial services
D
economic services
correct option: b
Users' Answers & Comments44
budget deficit can be financed by
A
reducing the level of taxation
B
printing more money
C
lending to financial institution
D
employing more workers
correct option: b
Users' Answers & Comments45
A major problem facing the Economic Community of West African States (ECOWAS) as an economic integration , is the
A
increasing population
B
willingness of members to co-operate
C
geographical contiguity
D
weal trade relation
correct option: d
Users' Answers & Comments46
In a socialist economy, the means of productions owned and controlled by the
A
state
B
rich
C
entreprenuer
D
traders
correct option: a
Users' Answers & Comments47
It is necessary to estimate the national income of of a country because it
A
indicates the overrall performance of the economy
B
ensure equitable distribution of wealth
C
assits investors in identifying profitable ventures
D
enables governments to conserve national resources
correct option: a
Users' Answers & Comments48
The Organization of Petroleum Exporting Countries (OPEC) is an example of a
A
perfect competition
B
monopsony
C
duopoly
D
cartel
correct option: d
Users' Answers & Comments