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Economics Past Questions and Answers

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Waec Economics Questions

Question 111:

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

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

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Question 112:

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

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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

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Question 113:

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

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A 2
B 5
C 7
D 10
E 20

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Question 114:

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 115:

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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