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Economics Past Questions and Answers

Waec Economics Questions

Question 501:
One quality of money which makes it possible to be carried easily is its
  • A Scarcity
  • B Durability
  • C Portability
  • D Acceptability
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Question 502:
A form of tax in which the poor pay a higher rate than the rich is known as
  • A Regressive tax
  • B Backward tax
  • C Oppressive tax
  • D Retrogressive tax
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Question 503:
The reduction in the value of a country's currency of other nations is known as
  • A Deflation
  • B Devaluation
  • C Inflation
  • D Revaluation
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Question 504:
The creation of utility can be referred to as
  • A Value added
  • B Profit maximization
  • C Entreprenuership
  • D Production
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Question 505:
Government revenue will increase if tax is imposed on a good whose demand is
  • A Elastic
  • B Inelastic
  • C Unitary elastic
  • D Perfectly elastic
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