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1676
Under normal circumstances, a producer will bear the entire burden of taxation on his output if the
  • A. supply of his goods is more elastic than the demand
  • B. demand for his products is completely elastic
  • C. production of his commodity is subject to diminishing returns
  • D. demand for his products is more elastic than the supply
  • E. demand for his products is completely elastic
View Answer & Discuss (2) WAEC 1994
1677
Limited liability means that
  • 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
View Answer & Discuss WAEC 1994
1678
Factory buildings, machinery and raw materials are known in Economics as
  • A. personal wealth
  • B. social wealth
  • C. government wealth
  • D. business wealth
  • E. public wealth
View Answer & Discuss WAEC 1994
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1679
Abstention from consumption enables capital to be produced . Such abstention is called
  • A. savings
  • B. production
  • C. accumulation
  • D. factors of production
  • E. opportunity cost
View Answer & Discuss WAEC 1994
1680
Tax evasion in Economics means
  • 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
View Answer & Discuss WAEC 1994
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