Economics 1994 Waec Past Questions and Answers

Question 26 :

• WAEC 1994

Risk bearing and managerial control are the main function of the

A. Managing director
B. Manager
C. Entrepreneur
D. Chief excecutive
E. Chief accountant

Question 27 :

• WAEC 1994

If successive unit of labour are added to a piece of land while capital and technology remains constant, a point will be reached in the level of production when each additional unit of labour will add less to the output than previous units. This concept is known as

A. Productivity of labour
B. Law of diminishing marginal utility
C. Law of diminishing returns
D. Law of diminishing returns of a variable factor
E. Internal economies of sales

Question 28 :

• WAEC 1994

When a firm's total revenue is at the maximum , marginal revenue is

A. At the maximum
B. Negative
C. Zero
D. Positive
E. Constant

Question 29 :

• WAEC 1994

Under normal circumstances, a producer will bear the entire burden of taxation on his output if the

A. Supply of his goods is more elastic than the demand
B. Demand for his products is completely elastic
C. Production of his commodity is subject to diminishing returns
D. Demand for his products is more elastic than the supply
E. Demand for his products is completely elastic

Question 30 :

• WAEC 1994

Limited liability means that

A. The debt of a company can only be paid from its own assets
B. The debts of a company are paid from business as well as private funds of the owners
C. A company does not have to pay its debts
D. The debts of a company must be paid from a private funds only
E. Government cannot tax a company