Waec 2003 Economics Past Questions And Answers
which of the following is necessary for the survival of small firms in West Africa?
- A. acess to loand for development
- B. inadequate collaterals for bank loans
- C. government assistants in form of loans and tax holidays
- D. high transportation cost
one of the factors responsible for low agricultural production in West Africa is
- A. inadequate labour
- B. shortage of lands
- C. inadequate implements
- D. inadequate research
A normal demand curve slopes
- A. downward from left to right
- B. upwards from left to right
- C. downwards from right to left
- D. upwards from the origin
one advantage of the sole proprietor is that
- A. control and supervise is under one man
- B. accounts must be publisized
- C. it is always successful
- D. funds are easy to obtain
Explain any four of the following terms:
(a) Nationalization
(b) Commercialization
(c) Privatization
(d) Indigenization
(e) Joint Ventures.
View Discussion (0)WAEC 2003 THEORYIf the quantity demanded of a commodity increases from 20 to 30 units where there is an increase in price from 4naira to 5 naira, the elasticity of demand is
- A. 0.0
- B. 1
- C. 2
- D. 5
The table below shows the tax payments of four income earners in a year. Use the information in the table to answer the questions that follow.
| Income Earners | Income Base | tax | Payments |
| A | B | ||
| Jawara | 15,000.00 | 1,500.00 | 1,200.00 |
| Ade | 25,000.00 | 2,000.00 | 2,000.00 |
| Eke | 32,000.00 | 3,200.00 | 2,240.00 |
| Audu | 60,000.00 | 6,000.00 | 3,000.00 |
(a) Determine the percentage rate of taxation paid by
(i) Jawara in columns A and B.
(ii) Audu in columns A and B.
(iii) Ade in columns B.
(iv) Eke in column B
(b)(i) Identify the systems of taxation employed in columns A and B.
(ii) Which of the income earners have the least burden under column B?
(c) (i) If government increases its rate of taxation to 15% flat rate, how much revenue will be generated from the payees?
(ii) At 15% flat rate taxation, calculate the disposable incomes of Messrs Jawara, Ade, Eke and Audu.
View Discussion (0)WAEC 2003 THEORYThe most common type of business in West African countries is
- A. joint-stock companies
- B. sole proprietorships
- C. Partnership
- D. public enterprises
Marginal cost can be derived from the
- A. total product
- B. total revenue
- C. total cost
- D. average fixed cost
The most important function of merchant banks is the
- A. issuing of currency
- B. provision of short term loans
- C. provision of medium and long term loans
- D. provision of short and long term loans