Waec Economics Past Questions and Answers

Question 311:

• 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

Question 312:

• 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 313:

• 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 314:

• 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 315:

• 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