Economics Past Questions And Answers
51
(a) Distinguish between direct and indirect taxes.
(b) What are the advantages of direct taxes?
View Discussion (0)WAEC 2002 THEORY52
Economic development is distinguishable from economic growth because the former?
- A. is not concerned with growth parameters
- B. affects only the poor people
- C. also includes an efficient distribution of economic growth
- D. is an increase in the production of goods and services
53
The ordinary partner in a partnership?
- A. takes no active in the management of the business
- B. has limited liability in case of business failure
- C. has unlimited liability in case of business failure
- D. cannot be sued personally on matters relating to the business
54
A change in demand for a normal good means
- A. a shift in the demand curve
- B. a change in the price changes
- C. a movement along a given demand curve
- D. a change in the price elasticity
55
The movement of people from rural to urban areas affects the
- A. occupational distribution of population
- B. sex distribution of population
- C. geographical distribution of population
- D. age distribution of population
56
One major factor that determines the location of an industry is
- A. tax exemption grant
- B. its proximity to the market
- C. the capital base
- D. the social responsibility of the firm
57
The average product Y is
- A. 15.5
- B. 14.6
- C. 12.0
- D. 8.0
58
(a) Why would a producer (i) enter a competitive market? (ii) leave a competitive market?
(b) In what two ways do consumers benefit from perfect competition?
(c) Give the two conditions necessary for profit maximization for a perfectly competitive firm.
View Discussion (0)WAEC 2006 THEORY59
A country is described as developing if
- A. the income per head is low
- B. the contribution of tertiary sector to national income is high
- C. the population is decreasing
- D. there is low labour supply
60
In a sole proprietorship decisions are made by the
- A. government
- B. owner
- C. shareholder's conference
- D. management