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.
Ait yields more revenue to the state at the expense of the people's ability to pay
Bthe cost of collecting it is equal to the revenue it generates
Cit is imposed so suddenly that no one can dodge its payment
Dits payment causes minimum incovenience to the tax payer
Eit induces workers to prefer more leisure to extra work
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Question 793
waec1991
The productivity of labour does not depend only o its own effort and efficiency, but also on I the level of technical knowledge II. the quality of other factors III. racial qualities which allow persons from certain races to have good physique and be very active . Which of the above statements is /are correct?
AI only
BI and II only
CI and III only
DII and III only
EIII only
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Question 794
waec1991
Which of the following is a function of money? It is
Aportable
BA standard of diferred payment
Crelatively stable in value
Dgenerally acceptable
Ean easily divisible item
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Question 795
waec1991
Which of the following are direct taxes?
ASale taxes
BExcise duties
Cincome and company taxes
DTarrif duties
ECommodity taxes
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Question 796
waec1991
in the event of a limited liability company going into liquidation, each shareholder
Amay lose a maximum of the amount he has invested
Blose nothing
Closes everything including his house
Dmay have unlimited liability
Ewill lose the amount he has invested plus a proportion of his bank account
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Question 797
waec1991
The natural growth rate of a population is the
Asum of the birth rate and death rate
Bsum of the birth rate and the net immigration rate
Cbirth rate minus the death rate
Dbirth rate divided by the net immigration
Edeath rate minus the net immigration
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Question 798
waec1991
A shift of the demand curve to the right when the supply curve remains constant , implies that
Aboth price and quantity demanded will increase
Bonly price increases
Cboth price and quantity demanded will decrease
Dthe price remains constant
Ethe price falls
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Question 799
waec1991
Dumping in Economics means the selling of goods in a foreign market
Aata a price below that received in the home market
Bat a price above that received in the home market
Cat a price equal to the cost price in the home market
Din order to encourage indigenious producers
Eat a price equal to the selling price in the home market
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Question 800
waec1991
Which of the following is the approximate working agent in Nigeria?
A1 - 15
B15 - 65
C30 - 40
D40 - 65
E65 and above
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Question 801
waec1991
International trade is necessary mainly because
Ano country can live in economic isolation
Bdifferent countries are endowed with the same natural; and man-made resources
Csome countries have comparative cost advantage in the production of certain commodities
Dthe world demand for and supply od various categories of commodities is expanding very fast
Ecountries wants to build up their foreign exchange reserve
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Question 802
waec1991
A major function of the middlemen in Nigeria is the distribution of
Acommodities to all consumers regardless of income
Bcommodities to consuming centres
Ceconomic welfare facilities to all
Dwaelth to all
Eincome within the society
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Question 803
waec1991
Which of the following is not a reason why people migrate from one place to another ?
Ato find jobs and improve their standard of living
BTo live in a more suitable climate
CFor the sake of change and adventure
Dto escape from a religious. political or social situation in a country
ETo buy foreign goods for sale in their country
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Question 804
waec1991
Which of the following is not regarded as money in Economics?
ACoins
BCurrency notes
Cbank depisits
Dcheques
ENaira and Kobo
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Question 805
waec1991
A government treasury bill is a form of debt instrument which falls due for repayment after
A3 months
B9 months
C2 years
D5 years
E10 or more years
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Question 806
waec1991
if an economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvement in labour ans capital combined, the balance of 3% is usually attributed to
Aland and enterprenuer
Babundance of natural resources
Clevel of human capital
Dtechnical progress and related factors
Ediscipline in political leadership
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Question 807
waec1991
which of the following item is not included in measuring national income by the income approach?
AWages and salaries of public servants
BStudent's grants and scholarships
CProfits of companies
DIncome earned by self-employed persons such as lawyers
ERents on property
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Question 808
waec1991
A movement along the demand curve for some goods may be caused by a change in
Aconsumer income
Bthe price of goods
Cconsumers taste
Dthe price of other goods
Epopulation
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Question 809
waec1991
Which of the following functions do retailers perform in an economy?
AProduction
BExchange
CHoarding
DDistribution
EInvestment
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Question 810
waec1991
Devaluation means
Aa reduction in the value of the National currency
Ba reduction in the purchasing power of the foreign currency
Ca reduction in the value of the domestic currency relative to foreign currencies
Dan increase in the value of the national currency
Ea decrease in the purchasing power of the foreign currencies
