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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

The term 'Stock of Capital 'means?

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A Amount of money necessary to start a business
B Total amount receivable by all factors of production
C Amount of equipment plant and inventory existing at a time
D Total amount available for economic development

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Question 32:

A tax that takes an increasing fraction of income as income goes down is called?

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A Conditional
B Regressive
C Progressive
D Proportional

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Question 33:

Budget deficit is the amount by which?

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A Total expenditure exceeds revenue
B Recurrent expenditure exceeds revenue
C Capital expenditure exceeds revenue
D Recurrent expenditure exceeds capital expenditure

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Question 34:

The average tax rate is defined as

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A Total tax rate less the marginal tax rate
B The tax rate which applies to additional value income
C The ratio of total taxes paid to total income
D Marginal tax rate for being progressive

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Question 35:

Personal distribution of income implies?

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A The way in which income is distributed among specific households or spending units
B The distribution of income according to basic resources
C Dividing income according to industries
D Dividing income between personal taxes, consumption expenditures and savings

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