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Economics Past Questions and Answers

Waec Economics Questions

Question 696:

The incidence of an increase in tax on a commodity with perfectly inelastic demand will be on the

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A Wholesaler
B Retailer
C Government
D Consumer

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Question 697:

Budget surplus implies that

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A Expenditure equals revenue
B Expenditure is less than revenue
C Expenditure is greater than taxation
D Direct tax is more than indirect tax

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Question 698:

International trade is based on the law of

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A Absolute cost advantage
B Variable proportion
C Comparative cost advantage
D Mutual co-operation

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Question 699:

Terms of trade is used to describe

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A The quality of exports
B The direction of foreign trades
C Purchases on deferred payment basis
D The rate at which exports exchange for imports

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Question 700:

A nation's net export is negative when her

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A Stock of goods is declining
B Depreciation exceeds investment
C Exports is adjusted upwards
D Imports exceeds exports

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