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Sunday, 12 April 2026
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Economics Past Questions and Answers

Waec Economics Questions

Question 871:
Mr. Bala’s income is $800.00 per month while that of Mr. Jatau is $1,200.00. If Messrs. Bala and Jtau pay $80.00 and $120.00 respectively as taxes, the tax system is
  • A Progressive
  • B Regressive
  • C Proportional
  • D Ad-valorem
View Answer & Explanation
Question 872:
Government revenue from the groundnut industry is from
  • A Licences
  • B Rents
  • C Royalties
  • D Taxes
View Answer & Explanation
Question 873:
The theory of comparative cost advantage is associated with
  • A Alfred Marshal
  • B Adam Smith
  • C David Ricardo
  • D J. B. Say
View Answer & Explanation
Question 874:
When the value of a nation’s export is greater than its imports
  • A A favourable balance of trade exists
  • B An unfavourable balance of payment exists
  • C The net foreign trade is zero
  • D Inflation occurs
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Question 875:
To improve the balance of payment s position in West African countries, there must be
  • A Removal of barriers to importation of goods and services
  • B Increase rate of exportation of goods and services
  • C Increase domestic consumption of foreign produced goods
  • D The development of the local market
View Answer & Explanation