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Economics WAEC Past Questions

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251
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
252
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
253
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
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
254
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
255
The magnitude of the national income of a country depends on all the following except the
  • A. quantity of natural resources available
  • B. level of technical know-how
  • C. mobility of labour
  • D. level of productivity
  • E. quality and quantity of factors of production
View Answer & Discuss WAEC 1994
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