Waec Economics 1990 Past Questions and Answers

Question 16:

• WAEC 1990

Limited liability in Economics means that

A. A shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
B. A shareholder's liability for the debt company is dependent on how much he is owing
C. Shareholders can not be asked to pay for the debts of the company
D. Shareholders try to ensure that only a small proportion of the debt comes to them
E. Shareholders want all the debts paid equally

Question 17:

• WAEC 1990

Regressive tax is not a good tax system because it

A. Is not convenient to pay
B. Is not certain what to pay
C. Is not economical to collect
D. Does not ensure equity in payment
E. Is not neutral to price trends

Question 18:

• WAEC 1990

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

A. ECOWAS
B. IMF
C. OPEC
D. NNPC
E. ECA

Question 19:

• WAEC 1990

Which of the following is not a member of OPEC?

A. Indonesia
B. Iran
C. Venezuela
D. United Arab Emirates
E. Egypt

Question 20:

• WAEC 1990

which of the following statements is not true of capital income?

A. It helps in the assessment of standard of living
B. It is calculated as National Income Population
C. It is calculated as Population National Income
D. It is used by the UNO to assess and assist developing countries
E. It is used as one of the indicators of economic growth