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91
The theory of consumer behavior is based on all the following assumption except that the
  • A. Consumer is assumed irrational
  • B. Consumer taste remains constant
  • C. Consumer has budget constraint
  • D. Consumer aims at maximizing his utility
  • E. Consumer is exposed to more than one commodity
View Answer & Discuss (2) WAEC 1990
92
The Joint Stock Company can be a company whose minimum membership is
  • A. 2
  • B. 5
  • C. 7
  • D. 10
  • E. 20
View Answer & Discuss (3) WAEC 1990
93
Limited liability in Economics means that
  • A. a shareholder's liability in the event of debt or bankruptcy is limited to the amount he has invested
  • B. a shareholder's liability for the debt company is dependent on how much he is owing
  • C. shareholders can not be asked to pay for the debts of the company
  • D. shareholders try to ensure that only a small proportion of the debt comes to them
  • E. shareholders want all the debts paid equally
View Answer & Discuss WAEC 1990
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94
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
View Answer & Discuss WAEC 1990
95
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
View Answer & Discuss WAEC 1990
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