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Economics Past Questions and Answers

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Economics Questions

Question 401:

Which of the following financial assets consist the lowest rate of interest in Nigeria?

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A Commercial bills
B Call money
C Treasury bills
D Development loan stocks
E Deposits with the federal savings bank

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Question 402:

The effect of the demand for product A caused by a change in the price of a product B is called?

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A Cross-elasticity of demand
B Elasticity of supply
C Competitive demand
D Composite demand
E Joint demand

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Question 403:

Which of the following can be regarded as a liability of a commercial bank?

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A Advances
B Deposits
C Treasury bills
D Overdrafts
E Cash

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Question 404:

A Tax which takes a higher percentage from higher incomes is called?

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A A regressive tax
B A progressive tax
C A proportional tax
D An indirect tax
E A direct tax

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Question 405:

Which of the following statements is true?

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A A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
B Taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
C The sole proprietor is a legal entity
D The influence of demand on price will be smallest on the short run
E The cost of production is the most important determining factor of supply in the long run

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