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Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a visa for a period of
A14 days
B30 days
C60 days
D90 days 100 days
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Question 2
waec1994
The Quantity Theory of Money state that an increase in the quantity of money would bring about
Aa geometrical rise in price
Ban unequal rise in prices
Ca proportionate rise in prices
Dan absolute rise in prices
Ea less that proportionate increase in prices
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Question 3
waec1994
The magnitude of the national income of a country depends on all the following except the
Aquantity of natural resources available
Blevel of technical know-how
Cmobility of labour
Dlevel of productivity
Equality and quantity of factors of production
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Question 4
waec1994
Tax evasion in Economics means
Afalse declaration od assets
Bpaying tax only as and when due
Cdeclaration of assets
Dtax payments according to income received
Equarrelling with tax collector
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Question 5
waec1994
Abstention from consumption enables capital to be produced . Such abstention is called
Asavings
Bproduction
Caccumulation
Dfactors of production
Eopportunity cost
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Question 6
waec1994
Factory buildings, machinery and raw materials are known in Economics as
Apersonal wealth
Bsocial wealth
Cgovernment wealth
Dbusiness wealth
Epublic wealth
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Question 7
waec1994
Limited liability means that
Athe debt of a company can only be paid from its own assets
Bthe debts of a company are paid from business as well as private funds of the owners
Ca company does not have to pay its debts
Dthe debts of a company must be paid from a private funds only
Egovernment cannot tax a company
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Question 8
waec1994
Under normal circumstances, a producer will bear the entire burden of taxation on his output if the
Asupply of his goods is more elastic than the demand
Bdemand for his products is completely elastic
Cproduction of his commodity is subject to diminishing returns
Ddemand for his products is more elastic than the supply
Edemand for his products is completely elastic
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Question 9
waec1994
When a firm's total revenue is at the maximum , marginal revenue is
Aat the maximum
Bnegative
Czero
Dpositive
Econstant
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Question 10
waec1994
If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as
Aproductivity of labour
Blaw of diminishing marginal utility
Claw of diminishing returns
Dlaw of diminishing returns of a variable factor
Einternal economies of sales
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Question 11
waec1994
Risk bearing and managerial control are the main function of the
Amanaging director
Bmanager
Centrepreneur
Dchief excecutive
Echief accountant
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Question 12
waec1994
The difference between the number of immigrants and emigrants is
Ainternal mobility
Binternal migration
Cnet migration
Dmarginal migration
Eexternal migration
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Question 13
waec1994
Foreign exchange control in Nigeria is enforced by the
ACommercial banks
BMerchant banks
CMortgage banks
DCentral banks
EAgricultural development banks
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Question 14
waec1994
Petro-chemicals industries are located in River State of Nigeria due to the presence of
Aa favourable climate
Bcoal deposits
Coil palm products
Dan undullating terrain
Eoil deposits
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Question 15
waec1994
Mr Idowu needs a television and a refrigerator. Each cost N500.00, the exact amount he has . If Mr. Idowu buys the television , the refrigerator would be regarded as the
Amarginal cost
Binferior item
Copportunity cost
Dsupplementary item
Eprime cost
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Question 16
waec1994
which of the following is not a problem of distribution of goods in Nigeria?
Apoor communication network
Binadequate storage facilities
Cignorance of consumers
DDishonesty of middlemen
Einadequate market
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Question 17
waec1994
one of the function of a commercial bank is that it
Ais responsible for formulating monetary policies
Baccepts demand and time deposits from constomers
Cis the lender of the last resort
Dis the banker of the government
Eis responsible for issuing currency notes
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Question 18
waec1994
The difference between the Gross Domestic Product (GDP) and the Gross National Product (GNP) is the
Aallowance for total depreciation
Btotal interest payment
Cnet income from abroad
Dtotal tax and interest payment
Enet internally generated income
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Question 19
waec1994
The decision to consume more of one product swill under normal circumstances imply that
Amore of another product will be consumed
Bless of something else will be consumed
Cno other product will be consumed
Ddecision-making is basic in economics
Eenough resources are available
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Question 20
waec1994
To the economist a stock of goods existing at a a particular time and conforming to certain requirements such as having utility, money value and being limited in supply , is known as
