Economics Past Questions And Answers
A sugar industry is best located near the source of
- A. labour
- B. raw materials
- C. power
- D. capital
A mixed economy combines the characteristics of both
- A. planned and capitalist economies
- B. exchange and subsistence economies
- C. subsistence and planned economies
- D. capital and exchange economies
Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?
- A. 0.25
- B. 0.40
- C. 4.00
- D. 25.00
The tables below show the expected revenues and projected expenditures from the budget of a hypothetical country in 1998. Use the information in the tables to answer the questions that follow.
EXPECTED REVENUE
| ITEM | AMOUNT ($ millions) |
| Rents, royalties and profits | 75.00 |
| Company income tax | 150.00 |
| Customs and excise duties | 300.20 |
| Personal income tax | 80.00 |
| Fees specific charges | 60.80 |
| Value added tax | 100.00 |
PROJECTED EXPENDITURE
| ITEM | AMOUNT ($ millions) |
| General administration | 220.10 |
| Maintenance of foreign missions | 50.00 |
| Transfer payments | 65.00 |
| Building of schools and hospitals | 200.00 |
| Road construction | 180.90 |
(a) Calculate the total revenue from
(i) direct taxes [3 marks]
(ii) indirect taxes [3 marks]
(iii) non-tax sources [3 marks]
(b) Determine the total
(i) capital expenditure [3 marks]
(ii) recurrent expenditure [3 marks]
(c) Determine whether the budget is a surplus or deficit. [5 marks]
The tables below show the expected revenues and projected expenditures from the budget of a hypothetical country in 1998. Use the information in the tables to answer the questions that follow.
EXPECTED REVENUE
| ITEM | AMOUNT ($ millions) |
| Rents, royalties and profits | 75.00 |
| Company income tax | 150.00 |
| Customs and excise duties | 300.20 |
| Personal income tax | 80.00 |
| Fees specific charges | 60.80 |
| Value added tax | 100.00 |
PROJECTED EXPENDITURE
| ITEM | AMOUNT ($ millions) |
| General administration | 220.10 |
| Maintenance of foreign missions | 50.00 |
| Transfer payments | 65.00 |
| Building of schools and hospitals | 200.00 |
| Road construction | 180.90 |
(a) Calculate the total revenue from
(i) direct taxes [3 marks]
(ii) indirect taxes [3 marks]
(iii) non-tax sources [3 marks]
(b) Determine the total
(i) capital expenditure [3 marks]
(ii) recurrent expenditure [3 marks]
(c) Determine whether the budget is a surplus or deficit. [5 marks]
View Discussion (0)WAEC 2012 THEORYwhich of the following is a bank's responsibility to it's shareholders?
- A. making profits
- B. creating money
- C. paying high interest rate
- D. preventing inflation
Nigeria's exports usually comprise
- A. consumer goods
- B. capital goods
- C. intermediate goods
- D. primary goods
The activities in the oil and gas industry are classified into
- A. exploration and transportation
- B. upstream and downstream
- C. discovery and extraction
- D. onshore and offshore
A distinguishing characteristic of cooperative societies is that voting power depends on the?
- A. number of shares held
- B. status of the member
- C. equality of members
- D. management's decision
The demand for a factor input as a result of the demand for its output is known as
- A. market demand
- B. complementary demand
- C. competitive demand
- D. derived demand
In the diagrams below, the opportunity cost of a unit of cotton in terms of cocoa is
- A. 4 for Ghana; 2 for Nigeria
- B. 20 for Ghana; 60 for Nigeria
- C. 1/4 for Ghana; 1/2 for Nigeria
- D. 5 for Ghana; 30 for Nigeria