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Economics 1980 JAMB Past Questions

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46
Commercial banks can create money in the following ways
  • 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
View Answer & Discuss JAMB 1980
47
Which is the dominant form of tax in Nigeria
  • A. Direct tax
  • B. Indirect tax
  • C. Inheritance tax
  • D. Personal income tax
  • E. Value added tax
View Answer & Discuss (1) JAMB 1980
48
The terms of trade are said to be favorable only if
  • 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
View Answer & Discuss (1) JAMB 1980
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49
If the government is interested in raising the highest revenue from a tax system, then for any two commodities
  • 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
View Answer & Discuss JAMB 1980
50
Which of the following is a correct definition of equilibrium price?
  • A. A price which covers production cost
  • B. A price which maximizes entreprenuer's profits
  • C. A price at which the quantity demanded equals the quantity supplied
  • D. A price at which a competitive firm is at equilibrium
  • E. A price which stabilizes farmer's income
View Answer & Discuss JAMB 1980
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