Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
AECOWAS
BIMF
COPEC
DNNPC
EECA
View Explanation & Discuss
Question 13
waec1990
Regressive tax is not a good tax system because it
AIs not convenient to pay
BIs not certain what to pay
CIs not economical to collect
DDoes not ensure equity in payment
EIs not neutral to price trends
View Explanation & Discuss
Question 14
waec1990
Limited liability in Economics means that
Aa shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
Ba shareholder's liability for the debt company is dependent on how much he is owing
Cshareholders can not be asked to pay for the debts of the company
Dshareholders try to ensure that only a small proportion of the debt comes to them
Eshareholders want all the debts paid equally
View Explanation & Discuss
Question 15
waec1990
The Joint Stock Company can be a company whose minimum membership is
A2
B5
C7
D10
E20
View Explanation & Discuss
Question 16
waec1990
The theory of consumer behavior is based on all the following assumption except that the
AConsumer is assumed irrational
BConsumer taste remains constant
CConsumer has budget constraint
DConsumer aims at maximizing his utility
EConsumer is exposed to more than one commodity
View Explanation & Discuss
Question 17
waec1990
Which of the following best explain an inflationary situation at current price level?
ADemand, supply
BDemand supply
CDemand = Supply
DDemand/Supply
EDemand = zero
View Explanation & Discuss
Question 18
waec1990
Time deposit has the same meaning as
Acurrent account
Bdemand deposit
Cdeposit account
Dbank deposit
Ebank rate
View Explanation & Discuss
Question 19
waec1990
The purchasing power of the Naira will fall when
Aworkers are retrenched
Bthe colour of the naira is changed
Cthe government cuts all salaries and wages
Dthere is inflation
Ethe naira is overvalued
View Explanation & Discuss
Question 20
waec1990
A perfect market has all the following features except that
Athere are many buyers and few sellers
Bthe commodities bought and sold are homogenous
Cthere is free entry and exit
Dbuyers and sellers have perfect knowledge of the market
Ethere is only one ruling price
View Explanation & Discuss
Question 21
waec1990
A firm that charges different price of goods or services that have same technical qualities is called
Aa perfect competitor
Ba monopsony
Can oligopoly
Da discriminating monopoly
Ea duopoly
View Explanation & Discuss
Question 22
waec1990
A rational consumer tends to do all the following except
Abuying more at a high price than at a low price
Bbuying more at a low price than at a high price
Cbuying at utility maximization
Dreacting to price changes
Ecomplying with the law of demand
View Explanation & Discuss
Question 23
waec1990
All the following factors will cause a change in demand except
Athe consumer's income
Bthe consumer's taste
Ca change in population size
Da change in weather condition
Ethe price of commodity
View Explanation & Discuss
Question 24
waec1990
Demand in Economics is synonymous with
Aneeds
Bwants of the consumer
Call goods demanded in the market
Dwants supported with ability to pay
Eall consumers goods
View Explanation & Discuss
Question 25
waec1990
all the following are specific examples of indirect tax except
Apurchases tax
Bimport duty
Cexport duty
Dexcise duty
Epoll tax
View Explanation & Discuss
Question 26
waec1990
it is general belief that inflation in West Africa is caused by all the factors listed below except
Aexcessive bank lending
Bbudget deficit
Crising incomes
Dshortage supply
Edecrease in money supply
View Explanation & Discuss
Question 27
waec1990
which of the following are resources for holding money instead of investing it? I Transaction motive II. Precautionary motive III. Speculative motive IV. Liquidity motive
AI and II only
BI and III only
CI, II and III only
DI, II and IV only
EII, III and IV only
View Explanation & Discuss
Question 28
waec1990
Economics can be best defined as the study of
Ahow to spend the family income efficiently
Bhow to find minimum cost of production
Cthe interpretation of scarce resourceand date
Dhow scarce resource can be used efficiently
Ewhy resource are scarce
View Explanation & Discuss
Question 29
jamb1990
The demand curve would shift to the left when there is a rise in
AConstant proportions
BConstant complement
CIncome
DThe supply of the commodity
View Explanation & Discuss
Question 30
jamb1990
Which of the following graphs represents the price-quantity relationship between tea and lemon, if they are perfect complements? choose the answer from the option above
