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151
Indirect taxes are taxes?
  • A. which are levied on the incomes and profits of individuals and firms
  • B. whose incidence always falls on the consumer
  • C. which are based on the progressive principle
  • D. on casinos, airports and capitals gains
  • E. which are levied on people and economic units through the goods and services they purchase
View Answer & Discuss JAMB 1981
152
The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?
  • A. budget deficit
  • B. balance budget
  • C. budget surplus ‘
  • D. budget statement
  • E. unfavourable budget.
View Answer & Discuss JAMB 1981
153
Which of the following statement is NOT true about agriculture in West Africa?
  • A. Agriculture employs over 60% of West Africa’s occupied population
  • B. Agriculture production is the basis for excise taxes in West Africa
  • C. Many West Africa countries depend on agricultural exports for foreign exchange earnings
  • D. Agriculture supplies West African industries with raw materials
  • E. Agriculture provides incomes to West African farmers who engaged in it
View Answer & Discuss (1) JAMB 1981
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154
The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?
  • A. industrialization
  • B. export-promotion
  • C. import-substitution
  • D. export--substitution
  • E. import-expansion
View Answer & Discuss JAMB 1981
155
Economics may be defined as?
  • A. the study of money and banking
  • B. the study of markets and prices
  • C. the study of production and distribution
  • D. the study of human behaviour in the allocation of scarce resources
  • E. the study of the employment of labour, land, and capital
View Answer & Discuss (1) JAMB 1981
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