Economics, 2008, WASSCE/WAEC MAY/JUNE, Exam, Paper 1 | Objectives

Paper Info

Year :

2008

Title :

Economics

Exam :

WASSCE/WAEC MAY/JUNE

Paper 1 | Objectives

41 - 47 of 47 Questions

#	Question	Ans
41.	All indirect taxes tend to be A. progressive B. regressive C. certain D. equitable Show Content Detailed Solution Indirect tax is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer). This means that the tax is not directly deducted from the income of the consumer, but deducted at the point of buying goods and services. An indirect tax is regressive in nature because everyone is made to pay the same tax rate. It doesn't take into consideration the income or social status of the buyer. Since they are flat taxes, they take a higher percentage of income on the poor than on high-income earners.	B
42.	Which of the following will have a more destabilizing effect on the economy? A. a tax on the price of vehicle B. a tax on petrol C. a decrease in the supply of vehicle D. moderate increase in wages Show Content Detailed Solution Petrol products are used for a number of things including, powering generator plants used by businesses and firms, fueling of vehicles for commercial and personal use, etc. An increase in the price of petrol will lead to an increase in the general prices of goods and services, thereby, causing a distortion in economic growth.	B
43.	An important feature of economic development is A. population explotion B. reduction in exports C. high literacy level D. low exports Show Content Detailed Solution Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life expectancy, and health care.	C
44.	Trades among nations is desirable because A. enables people in a country to know those in other countries B. makes it possible for people in a country to enjoy the goods and services produced in other countries C. enables residents in country a to understand the language of residents of other countriesd D. makes it possible for a country to have the currencies of other countries Show Content Detailed Solution Countries engage in international trade so that they can enjoy the goods and services produced in other countries.	B
45.	Invisible trade refers to trade in? A. services B. goods and services C. tangible goods D. crude oil Show Content Detailed Solution Invisible trade involves the export and import of physically intangible items such as services. It involves Customer service outsourcing, overseas banking transactions, and the medical tourism industry.	A
46.	Balance of payment surplus implies that the value of the country’s A. exports exceeds its imports B. imports exceed its exports C. exports is equal to its imports D. terms of trade is constant Show Content Detailed Solution Balance of payment surplus means that a country's value of exports exceeds the value of its imports.	A
47.	The Economic Commission for Africa is an agency of the A. Organization of African Unity B. African Development Banks C. European Union D. United Nation Organization Show Content Detailed Solution Economic Commission for Africa is an agency of the United Nations Organization. It was established in 1958 by the United Nations Economic and Social Council to encourage economic cooperation among its member states following a recommendation of the United Nations General Assembly.	D

41.	All indirect taxes tend to be A. progressive B. regressive C. certain D. equitable Show Content Detailed Solution Indirect tax is a tax collected by an intermediary (such as a retail store) from the person who bears the ultimate economic burden of the tax (such as the consumer). This means that the tax is not directly deducted from the income of the consumer, but deducted at the point of buying goods and services. An indirect tax is regressive in nature because everyone is made to pay the same tax rate. It doesn't take into consideration the income or social status of the buyer. Since they are flat taxes, they take a higher percentage of income on the poor than on high-income earners.	B
42.	Which of the following will have a more destabilizing effect on the economy? A. a tax on the price of vehicle B. a tax on petrol C. a decrease in the supply of vehicle D. moderate increase in wages Show Content Detailed Solution Petrol products are used for a number of things including, powering generator plants used by businesses and firms, fueling of vehicles for commercial and personal use, etc. An increase in the price of petrol will lead to an increase in the general prices of goods and services, thereby, causing a distortion in economic growth.	B
43.	An important feature of economic development is A. population explotion B. reduction in exports C. high literacy level D. low exports Show Content Detailed Solution Economic development means an improvement in the quality of life and living standards, e.g. measures of literacy, life expectancy, and health care.	C
44.	Trades among nations is desirable because A. enables people in a country to know those in other countries B. makes it possible for people in a country to enjoy the goods and services produced in other countries C. enables residents in country a to understand the language of residents of other countriesd D. makes it possible for a country to have the currencies of other countries Show Content Detailed Solution Countries engage in international trade so that they can enjoy the goods and services produced in other countries.	B

45.	Invisible trade refers to trade in? A. services B. goods and services C. tangible goods D. crude oil Show Content Detailed Solution Invisible trade involves the export and import of physically intangible items such as services. It involves Customer service outsourcing, overseas banking transactions, and the medical tourism industry.	A
46.	Balance of payment surplus implies that the value of the country’s A. exports exceeds its imports B. imports exceed its exports C. exports is equal to its imports D. terms of trade is constant Show Content Detailed Solution Balance of payment surplus means that a country's value of exports exceeds the value of its imports.	A
47.	The Economic Commission for Africa is an agency of the A. Organization of African Unity B. African Development Banks C. European Union D. United Nation Organization Show Content Detailed Solution Economic Commission for Africa is an agency of the United Nations Organization. It was established in 1958 by the United Nations Economic and Social Council to encourage economic cooperation among its member states following a recommendation of the United Nations General Assembly.	D