Economics Past Questions And Answers
2901
disposable income is total income
- A. less tax
- B. divided by tax
- C. plus tax
- D. multiplied by tax
2902
In a planned economy, what shall be produced is determined primarily by?
- A. what the consumer wants
- B. government decisions
- C. price mechanism
- D. the pattern of consumer spending
2903
What is the equilibrium quantity?
- A. 50
- B. 250
- C. 350
- D. 450
2904
The firm whose sales and total revenue of the commodity as given in the table is
- A. a monopolist
- B. a monopolistic competitor
- C. an oligopolist
- D. a perfect competitor
2905
Liquidation of limited liability company implies that the?
- A. company may not pay its debt
- B. debts of the company can only be paid from its own assets
- C. debts of the company are paid from both business and private funds of the owners
- D. debts of the company musts be paid from public funds only
2906
The type of demand that exist between torchlight and battery is
- A. competitive demand
- B. complemetary demand
- C. composite demand
- D. joint demand
2907
In ordinary partnership, the risks are
- A. borne by the workers
- B. borne by the creditors
- C. shared among the partners
- D. undertaken by the active partners
2908
The three principal economic unit in any system are
- A. trade, industry and banking
- B. workers, consumers and shareholders
- C. households, firms and governments
- D. companies, industry and plants
2909
(a) Define mobility of labour.
(b) Describe any four factors influencing the supply of labour.
View Discussion (0)WAEC 2011 THEORY2910
The price mechanism______
- A. Rations the consumers
- B. Rewards the producers
- C. Regulates supply and demand
- D. Allocates scarce resources.