Waec Economics Past Questions and Answers

Question 111:

• WAEC 1990

Which of the following best explain an inflationary situation at current price level?

A. Demand, supply
B. Demand supply
C. Demand = Supply
D. Demand/Supply
E. Demand = zero

Question 112:

• WAEC 1990

The theory of consumer behavior is based on all the following assumption except that the

A. Consumer is assumed irrational
B. Consumer taste remains constant
C. Consumer has budget constraint
D. Consumer aims at maximizing his utility
E. Consumer is exposed to more than one commodity

Question 113:

• WAEC 1990

The Joint Stock Company can be a company whose minimum membership is

A. 2
B. 5
C. 7
D. 10
E. 20

Question 114:

• 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 115:

• 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