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Economics Past Questions and Answers

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Waec Economics Questions

Question 356:

A tax whose rate increases as income increases is

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A An indirect tax
B A progressive tax
C A regressive tax
D A direct tax
E A proportional tax

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Question 357:

Which of the following best describes the multiplier?

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A Products of income and expenditure
B Curves of savings and expenditure
C Ratio of change in income to the expenditure that brought it about
D Constant level of income
E Equality of marginal propensity to consume and save

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Question 358:

Net National Product (NNP) is equal to the

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A Gross Domestic Product (GDP) less depreciation
B Gross National Products (GNP) less depreciation
C Gross Domestic Products (GDP) plus depreciation
D Gross National Products (GNP) plus depreciation
E Gross National Income plus Taxation

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Question 359:

Terms of trade simply means the price

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A Ratio of import to export
B Ratio of export multiplied by import
C Ratio of export to import
D Ratio of export multiplied by price ratio of import
E Of export minus price of import

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Question 360:

Balance of trade can be define as

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A The value of import in relation to the value of a country's exports
B The price ratio of imports as against that of exports
C Equality in the total receipts and payments of a country in a year
D Percentage value of imports over percentage value of exports
E Price of exports versus price of imports

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