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Economics 1990 WAEC Past Questions

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16
Regressive tax is not a good tax system because it
  • A. Is not convenient to pay
  • B. Is not certain what to pay
  • C. Is not economical to collect
  • D. Does not ensure equity in payment
  • E. Is not neutral to price trends
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17
The price and quantity of crude oil and petrol sold to other countries by Nigeria is fixed by the
  • A. ECOWAS
  • B. IMF
  • C. OPEC
  • D. NNPC
  • E. ECA
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18
Which of the following is not a member of OPEC?
  • A. Indonesia
  • B. Iran
  • C. Venezuela
  • D. United Arab Emirates
  • E. Egypt
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19
which of the following statements is not true of capital income?
  • A. it helps in the assessment of standard of living
  • B. it is calculated as National Income Population
  • C. It is calculated as Population National Income
  • D. It is used by the UNO to assess and assist developing countries
  • E. It is used as one of the indicators of economic growth
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20
The notion of short-run and long-run periods is responding for grouping cost into
  • A. fixed and variable
  • B. implicit and explicit
  • C. average and total
  • D. capital and running
  • E. money and opportunity
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