WAEC Economics questions

367 questions with answers and explanations. Tap an option to check yourself.

1. Question 241· Population· WAEC

   Dependent population refers to people who

   • Aare too young or too old to work
   • Bwork in factories
   • Cown businesses
   • Dare in the armed forces

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2. Question 242· Population· WAEC

   Occupational distribution of population shows

   • Ahow the labour force is divided among industries
   • Bages of people
   • Csex ratio
   • Dreligion

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3. Question 243· Public finance· WAEC

   Value Added Tax (VAT) is an example of

   • Aan indirect tax
   • Ba direct tax
   • Ca progressive tax
   • Da poll tax

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4. Question 244· Public finance· WAEC

   An advantage of indirect taxes is that they are

   • Aalways progressive
   • Bdifficult to evade because they are included in prices
   • Ceasy to collect from incomes
   • Dpaid only by the rich

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5. Question 245· Public finance· WAEC

   A balanced budget means

   • Aexpenditure exceeds revenue
   • Brevenue exceeds expenditure
   • Cplanned revenue equals planned expenditure
   • Dthere is no tax

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6. Question 246· Public finance· WAEC

   The burden of a tax falls mainly on consumers when demand is

   • Azero
   • Belastic
   • Cperfectly elastic
   • Dinelastic

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7. Question 247· Public finance· WAEC

   A worker earning ₦100,000 pays 5% in tax while one earning ₦1,000,000 pays 20%. The tax is

   • Aregressive
   • Bprogressive
   • Cproportional
   • Dindirect

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8. Question 248· Public finance· WAEC

   A tax whose rate increases as income increases is

   • Aregressive
   • Bprogressive
   • Cproportional
   • Dindirect

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9. Question 249· Public finance· WAEC

   A tax charged on goods when they are bought in shops is

   • Aa direct tax
   • Ban indirect tax
   • Ca poll tax
   • Da capital gains tax

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10. Question 250· Public finance· WAEC

    A budget deficit occurs when government

    • Arevenue exceeds expenditure
    • Bcuts taxes to zero
    • Cborrows nothing
    • Dexpenditure exceeds revenue

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11. Question 251· Public finance· WAEC

    A tax that takes a higher proportion of a poor person's income than a rich person's is

    • Aregressive
    • Bprogressive
    • Cproportional
    • Ddirect

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12. Question 252· Public finance· WAEC

    The canon of taxation that says a tax should be cheap to collect is

    • Acertainty
    • Bequity
    • Ceconomy
    • Dconvenience

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13. Question 253· Public finance· WAEC

    Value Added Tax is an example of

    • Aan indirect tax
    • Ba direct tax
    • Ca poll tax
    • Da capital gains tax

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14. Question 254· Public finance· WAEC

    A government plans to spend ₦12 trillion and expects revenue of ₦9 trillion. Its budget is

    • Aa supplementary budget
    • Ba surplus budget
    • Ca balanced budget
    • Da deficit budget

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15. Question 255· Public finance· WAEC

    When government expenditure exceeds revenue, the budget is in

    • Adeficit
    • Bsurplus
    • Cbalance
    • Dsupplementary form

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16. Question 256· Public finance· WAEC

    A tax whose rate rises as income rises is

    • Aprogressive
    • Bregressive
    • Cproportional
    • Dindirect

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17. Question 257· The labour market· WAEC

    Disguised unemployment exists when

    • Aworkers are between jobs
    • Bmore workers are employed than are needed, so some add nothing to output
    • Cpeople refuse to work
    • Dthere is no work in a season

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18. Question 258· The labour market· WAEC

    The demand for labour is a derived demand because labour is wanted

    • Afor its own sake
    • Bfor the goods and services it helps to produce
    • Cby the government only
    • Donly during harvest

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19. Question 259· The labour market· WAEC

    A trade union may raise its members' wages through

    • Aincreasing the supply of labour
    • Breducing productivity
    • Ccollective bargaining
    • Dlowering the demand for labour

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20. Question 260· The labour market· WAEC

    Farm labourers who are idle during the dry season experience

    • Aseasonal unemployment
    • Bstructural unemployment
    • Cdisguised unemployment only
    • Dcyclical unemployment

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    Explanation and discussion