JAMB Economics Past Questions, Answers & Explanations - Economics

Jamb Economics Questions

Question 46:

JAMB 1980

In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid

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A Wholly by the supplier
B Wholly by the consumer
C Partly by the supplier and partly by the consumer
D Wholly by the middlemen
E Partly by stockholder and partly by consumer

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Question 47:

JAMB 1980

Commercial banks can create money in the following ways

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A By issuing coins and paper money
B By borrowing money from Banks abroad
C By receriving deposits from individuals
D By printing money on the instructions of the Central Bank
E None of the above

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Question 48:

JAMB 1980

Which is the dominant form of tax in Nigeria

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A Direct tax
B Indirect tax
C Inheritance tax
D Personal income tax
E Value added tax

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Question 49:

JAMB 1980

The terms of trade are said to be favorable only if

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A Value of total exports equals value of total imports
B Value of merchandise exports is greater than value of merchandise imports
C There are no balance of payments problems
D There is an increase in the value of a unit of export in terms of imports
E Foreign exchange reserves do not change

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Question 50:

JAMB 1980

If the government is interested in raising the highest revenue from a tax system, then for any two commodities

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A It is better to tax one whose demand is more elastic
B It is better to tax one whose demand is more inelastic
C Revenue will be the same from both commodities
D It is not possible to say which will yield higher revenue
E Government cannot make much revenue from taxing commodities

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