Economics Past Questions

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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

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?