Economics Past Questions And Answers
The best method of production in an under populated country is
- A. Labour-extensive
- B. Land-intensive
- C. Capital-intensive
- D. Labour-intensive
A tax on a commodity whose supply is perfectly inelastic is?
- A. shifted completely on the consumer
- B. completely borne by the supplier
- C. dividend in the ratio 60;40 between the consumer and the supplier
- D. divided half-and-half between the producer and the consumer
(a) What is a tax?
(b) Describe the following rates of taxation.
(i) Progressive tax
(ii) Proportional tax
(iii) Regressive tax
(c) Explain the following principles of a good tax system:
(i) Equity
(ii) Convenience
(iii) Economy
View Discussion (0)WAEC 2018 THEORYThe practice whereby a business is owned by two or more independent firms is termed
- A. indigenization
- B. joint venture
- C. commercialization
- D. foreign investment
One way of correcting the balance of payments problem of a country is to?
- A. introduce import-promotion measures
- B. buy investments abroad
- C. devalue the currency
- D. de-emphasize import-substitution industries
A normal good with close substitutes is likely to have its price elasticity of demand?
- A. between zero and one
- B. equal to unity
- C. less than unity
- D. greater than unity
_____ is presently used in Nigeria to measure inflation
- A. GNP implicit price deflator
- B. Consumer price index
- C. Wholesale price index
- D. Real Gross Domestic Product
Which of the following is not an item of capital expenditure?
- A. Building of roads and bridges
- B. Supply of electricity
- C. Building of damns
- D. Payment of interest on loans
Insurance Companies are similar to commercial banks in that they
- A. Compensate their customers for losses
- B. act as lender of last resort
- C. help in maintaining monetary stability in a nation
- D. help in mobilizing savings for investment
Short-run period in production is a period too short for a firm to be able to change its
- A. scale of operation
- B. total revenue
- C. total outputs
- D. variable inputs