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WAEC Economics questions: Public finance

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

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All topicsAgriculture in Nigeria · 15Business organisations · 14Economic growth and development · 15Economic systems · 13Economics as a science · 15Factors of production · 15Financial institutions · 14Industry and industrialisation · 15International economic organisations · 16International trade · 16Market structures · 15Methods and tools of economic analysis · 14Money and inflation · 17National income · 18Natural resources and the Nigerian economy · 15Population · 15Public finance · 14The labour market · 15Theory of consumer behaviour · 15Theory of costs and revenue · 16Theory of demand · 21Theory of price determination · 14Theory of production · 14Theory of supply · 16

  1. Question 1· Public finance· WAEC

    Value Added Tax (VAT) is an example of

    Explanation and discussion

  2. Question 2· Public finance· WAEC

    An advantage of indirect taxes is that they are

    Explanation and discussion

  3. Question 3· Public finance· WAEC

    A balanced budget means

    Explanation and discussion

  4. Question 4· Public finance· WAEC

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

    Explanation and discussion

  5. Question 5· Public finance· WAEC

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

    Explanation and discussion

  6. Question 6· Public finance· WAEC

    A tax whose rate increases as income increases is

    Explanation and discussion

  7. Question 7· Public finance· WAEC

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

    Explanation and discussion

  8. Question 8· Public finance· WAEC

    A budget deficit occurs when government

    Explanation and discussion

  9. Question 9· Public finance· WAEC

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

    Explanation and discussion

  10. Question 10· Public finance· WAEC

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

    Explanation and discussion

  11. Question 11· Public finance· WAEC

    Value Added Tax is an example of

    Explanation and discussion

  12. Question 12· Public finance· WAEC

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

    Explanation and discussion

  13. Question 13· Public finance· WAEC

    When government expenditure exceeds revenue, the budget is in

    Explanation and discussion

  14. Question 14· Public finance· WAEC

    A tax whose rate rises as income rises is

    Explanation and discussion

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