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Economics Past Questions and Answers

Waec Economics Questions

Question 1696:

In calculating the Gross National Product (GNP) by the income approach , all the following are included except

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A Wages and salaries
B Direct taxes paid by persons and companies
C Rents on houses
D Retirement benefits
E Business profits

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Question 1697:

Exchange control is a weapon used in regulating

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A Internal trade
B Stock exchange
C Foreign exchange
D Barter trade
E Exchange of personal properties

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Question 1698:

The current and capital accounts in Nigeria’s balance of payments contain all the following items except

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A Oil export
B Receipts for shipping services
C Cost of aviation
D Foreign investment
E IMF Standard Drawing Right (SDR)

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Question 1699:

Who bears the greater burden of the indirect tax when the demand for a commodity is inelastic? The

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A Wholesaler
B Shareholders
C Retailer
D Consumers
E Entreprenuer

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Question 1700:

Economic growth specifically refers to the

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A Reliance on imported goods in preference to home-made goods
B Sustained increase in the output of goods and services per head
C Change in technical and institutional arangment of the economy
D Continued increase in the depletion of a country's natural resources
E Increase in the total number of people in the economy

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