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Economics Past Questions and Answers

Waec Economics Questions

Question 36:

The imposition of high income tax by government to cut down demand is known as

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A Monetary policy
B Budgetary policy
C Fiscal policy
D Internal policy
E Development policy

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Question 37:

Which of these factors does not affect revenue allocation in Nigeria?

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A Needs of an area
B Size of the population of an area
C Number of industries and land areas
D Revenue derivable from an area
E Development needs of the country

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Question 38:

The term marginal propensity to consume can best be explained as the

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A Desire to spend more income on consumption
B Change in consumption as a percentage of change in income
C Average regularly spend on consumption
D Total expenditure on consumption
E Inclination to spend only a little on consumption

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Question 39:

Subsistence farming means producing food

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A Mainly for the need of our immediate and extended family
B Crops for sale mainly
C Crops mainly for export
D To feed the community around
E In order to satisfy the government directives

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Question 40:

What has the government done to encourage industrialization in Nigeria?

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