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Economics Past Questions and Answers

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Waec Economics Questions

Question 311:

Limited liability means that

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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

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Question 312:

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

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

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Question 313:

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

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

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Question 314:

Tax evasion in Economics means

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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

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Question 315:

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

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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

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