Economics Past Questions and Answers

The joint ventures operating in the Nigerian oil industry are between?

A The NNPC and independent marketers
B The NNPC and multinational marketers
C The NNPC and producer marketers
D Multinational corperations and independent marketers

Question 32:

Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work
ii,Difficulties in assessment and collection
iii, imperfection in tax assessment.

A I and ii
B I and iii
C Ii and iii
D I, ii and iii

Question 33:

According to the income approach to national income measurement, the national income of a country is equal to?

A The value of all output produced in the country over the relevant period of time at market prices
B The value of output at factors cost
C The value added to production
D C +I + G

Question 34:

The best index for international comparison of standards of living is the?

A Gross national product
B Net national income
C Per capita income
D Gross national income

Question 35:

The GDP of Nigeria will be greater than her GNP if?

A The value of goods and services to Nigeria is greater than the value of those from Nigeria
B Consumption is greater than investment
C Government expenditures are greater than the foreign aid received
D The value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria