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Edemand and supply remains constant whether price fall or increase
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Question 734
waec1995
The decision on what to produce is a problem in
Aall economics system
Ba mixed economic system only
Ca democratic socialist economy only
Da free enterprise system only
Ea planned eceonomic system only
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Question 735
waec1995
Scarcity in economics means
Ashortage of commodity
Bunlimited demands for consumer goods
Climited supply of goods and services
Dtotal absence of a commodity in the market
Ehigh cost of a commodity
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Question 736
waec1995
Economics is a social science which studies how
Ato redistrubute income
Bhuman beings behave
Cthe market price is fixed
Dscarce resources are allocated to satisfy human wants
Ehigh cost of a commodity
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Question 737
waec1994
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 738
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 739
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 740
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 741
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 742
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 743
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 744
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 745
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 746
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 747
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 748
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 749
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 750
waec1994
Petro-chemicals industries are located in River State of Nigeria due to the presence of
