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Economics Past Questions and Answers

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Economics Questions

Question 2206:

Limited liability in Economics means that

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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

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Question 2207:

Regressive tax is not a good tax system because it

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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

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Question 2208:

The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the

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A ECOWAS
B IMF
C OPEC
D NNPC
E ECA

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Question 2209:

Which of the following is not a member of OPEC?

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A Indonesia
B Iran
C Venezuela
D United Arab Emirates
E Egypt

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Question 2210:

which of the following statements is not true of capital income?

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A It helps in the assessment of standard of living
B It is calculated as National Income Population
C It is calculated as Population National Income
D It is used by the UNO to assess and assist developing countries
E It is used as one of the indicators of economic growth

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