Waec Economics 1994 Past Questions and Answers

Question 31:

• WAEC 1994

Factory buildings, machinery and raw materials are known in Economics as

A. Personal wealth
B. Social wealth
C. Government wealth
D. Business wealth
E. Public wealth

Question 32:

• WAEC 1994

Abstention from consumption enables capital to be produced . Such abstention is called

A. Savings
B. Production
C. Accumulation
D. Factors of production
E. Opportunity cost

Question 33:

• WAEC 1994

Tax evasion in Economics means

A. False declaration od assets
B. Paying tax only as and when due
C. Declaration of assets
D. Tax payments according to income received
E. Quarrelling with tax collector

Question 34:

• WAEC 1994

The magnitude of the national income of a country depends on all the following except the

A. Quantity of natural resources available
B. Level of technical know-how
C. Mobility of labour
D. Level of productivity
E. Quality and quantity of factors of production

Question 35:

• WAEC 1994

The Quantity Theory of Money state that an increase in the quantity of money would bring about

A. A geometrical rise in price
B. An unequal rise in prices
C. A proportionate rise in prices
D. An absolute rise in prices
E. A less that proportionate increase in prices