Post Utme Economics Past Questions and Answers

Question 526:

The term limited liability in the name of a company means that ____________

A. The company has no liabilities

Question 527:

The main distinguishing features of a consumers’ cooperative is that ____________

A. The consumers are the directors
B. The customers are the owners
C. The customers are mainly illiterates
D. The liability of the shareholders is limited to the amount they have invested

Question 528:

The term “legal tender” is used to refer to ____________

A. A legally binding contract entered into by a company
B. The document sealing an agreement
C. The notes and coins used in setting payments in a country
D. All of the above

Question 529:

A tax system is described as “progressive” if ____________

A. The residents are made to pay tax every year
B. A resident’s rises as his/her income rises
C. Residents are made to pay the same percentage of their income in tax
D. Residents are made to pay less in taxes as the country becomes richer

Question 530:

When a country limits the quantity of a certain good that can be imported into its territory, it is said to have imposed ____________

A. A tariff
B. A quota
C. An exchange control
D. A ban