2006 - WAEC Economics Past Questions and Answers - page 5
41
which of the following is a form of tax evasion?
A
wrong declaration of earnings
B
payment of flat rate tax
C
constant change of employment
D
low capacity utilization
correct option: a
Users' Answers & Comments42
where the burden of a tax finally rests is called
A
tax object
B
tax rate
C
incidence of taxation
D
system of taxation
correct option: c
Users' Answers & Comments43
An increase in the quantity of goods and services produced in a country which raises her national income is known as
A
economic development
B
economic growth
C
domestic investment
D
productivity
correct option: b
Users' Answers & Comments44
The formula index of export prices/index of import prices * 100
is used to measure the
is used to measure the
A
volume of trade between countries
B
direction of internatrional trade
C
commodity terms of trade
D
volume of imports
correct option: c
Users' Answers & Comments45
which of the following is an invisible term?
A
Banking services
B
Petroleum products
C
Processed rice
D
processed milk
correct option: a
Users' Answers & Comments46
In an attempt to correct a deficit balance of payment, a country may decide to increase
A
domestic production
B
imports
C
domestic expenditure
D
tax on infant industry
correct option: a
Users' Answers & Comments47
which of the following is an objective of economic integration?
A
harmonization of cultural practises
B
free movement of persons, goods and services
C
payment of high tarrifs
D
dumpoing of goods in less developed countries
correct option: b
Users' Answers & Comments48
one of the functions of of the international Monetary Fund (IMF) is to
A
devalue the currency of member state
B
reduce drastically the size of deficit financing of member states
C
giving financial assistance to member states that have temporary balance of payment difficulties
D
discourage the rapid industrialization process in the less developed nation of the world
correct option: c
Users' Answers & Comments49
The full meaning of OPEC is
A
Oil ans Petroleum Exporting Countries
B
Original Petroleum Exporting Companies
C
Organization of Petrol Exporting Countries
D
Organization of Petroleum Exporting Countries
correct option: d
Users' Answers & Comments