Waec Economics 1990 Past Questions and Answers

Question 21:

• WAEC 1990

The notion of short-run and long-run periods is responding for grouping cost into

A. Fixed and variable
B. Implicit and explicit
C. Average and total
D. Capital and running
E. Money and opportunity

Question 22:

• WAEC 1990

Which of the following statements is not true of cheques? They

A. Provide an alternative to carrying large sums of money around
B. Can be written out for any amount needed
C. Are legal tender
D. Provides a form of receipt
E. Provide a record of payment made

Question 23:

• WAEC 1990

Which of the following are not agents of distribution

A. Wholesalers
B. Retailers
C. Consumers
D. Government agencies
E. Cooperative societies

Question 24:

• WAEC 1990

One of the greatest demerits of the middlemen in Nigeria is that they

A. Increase the price of goods and services at will
B. Sell in small units only
C. Store goods in warehouse that are not spacious enough
D. Sell on credit to retailers only
E. Do not advertise their goods

Question 25:

• WAEC 1990

When a business has an unlimited liability

A. The owner are not responsible for all its financial debts
B. All its profits can be taxed by the government
C. The owners are responsible for all its financial debts
D. All its assets belongs to the members of its board of directors
E. It ceases to exist at the death of one of its owner