Economics 1991 Waec Past Questions and Answers

Question 26 :

• WAEC 1991

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?

A. I only
B. I and II only
C. I and III only
D. II and III only
E. III only

Question 27 :

• WAEC 1991

A tax is said to be good when

A. It yields more revenue to the state at the expense of the people's ability to pay
B. The cost of collecting it is equal to the revenue it generates
C. It is imposed so suddenly that no one can dodge its payment
D. Its payment causes minimum incovenience to the tax payer
E. It induces workers to prefer more leisure to extra work

Question 28 :

• WAEC 1991

Which of the following is a public corporation?

A. Roads (Nigeria) Plc
B. National Oil and Chemical Marketing Co. Plc
C. Union Bank of Nigeria Plc
D. Volkswagen of Nigeria Plc
E. National Electric Power authority

Question 29 :

• WAEC 1991

In a sole proprietorship decisions are made by the

A. Government
B. Owner
C. Shareholder's conference
D. Management
E. Board of directors

Question 30 :

• WAEC 1991

Which of the following statements is not true in an inflationary period?

A. The purchasing power diminishes
B. Wages rise simultaneously with prices
C. More money runs after a limited quantity of goods
D. Fixed income earners lose
E. Aggregate real demand exceeds aggregate real supply