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Thursday, 30 April 2026
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Economics Past Questions and Answers

Waec Economics Questions

Question 1476:
The abolition of all forms of trade barriers among member countries while maintaining common external tariffs against non members is a feature of a
  • A Free trade
  • B Custom union
  • C Common market
  • D Economic union
View Answer & Explanation
Question 1477:
In order to correct adverse balance of payments problem, government should?
  • A Reduce tariffs
  • B Increase subsidies on exports
  • C Increase tax on local industries
  • D Reduce personal income tax
View Answer & Explanation
Question 1478:
which of the following is a benefit to a member country of World Bank?
  • A Easy access to long term loans
  • B Management of foreign exchange
  • C Mediating in labour dispute
  • D Financing balance of payment deficit
View Answer & Explanation
Question 1479:
EXPECTED REVENUE
Items Amount ($m)
Rents and royalties 75.00
Company income tax 150.00
Custom and excise duties 300.20
personal income tax 80.00
Fees and fines 60.00
value added tax 100.00



Use the information to answer the following question


what is the total revenue from indirect tax
  • A $686.0 m
  • B $400.20 m
  • C $135.80 m
  • D $100.00 m
View Answer & Explanation
Question 1480:
EXPECTED REVENUE
Items Amount ($m)
Rents and royalties 75.00
Company income tax 150.00
Custom and excise duties 300.20
personal income tax 80.00
Fees and fines 60.00
value added tax 100.00



Use the information to answer the following question


what is the total revenue from non tax sources
  • A $400.20 m
  • B $375.20 m
  • C $135.00 m
  • D $75.00 m
View Answer & Explanation