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Economics 1985 JAMB Past Questions

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26
Because money serves as a standard for deferred payments
  • A. it serves as a store of value
  • B. goods can be bought on credit with pre-determined value
  • C. future trade becomes possible
  • D. it serves as a unit of account
  • E. it becomes valuable
View Answer & Discuss JAMB 1985
27
Which of the following is a necessary prerequisite for trade by barter?
  • A. Needs for double coincidence of wants
  • B. Multiple exchange rate
  • C. Impossibility of future trade
  • D. Impossibility of large scale production
  • E. Indivisibility of commodities
View Answer & Discuss (2) JAMB 1985
28
A state budget is an outline of planned
  • A. expenditures and revenues expected within a financial year
  • B. expenditures of ministries and parastatals within a given period
  • C. recurrent and capital expenditures within a year
  • D. sources of revenues derivationn for a financial year
  • E. use of different kinds of taxation in a given year
View Answer & Discuss JAMB 1985
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29
Which of the following is NOT among the canons of taxation as set out by Adam Smith?
  • A. Equality
  • B. Security
  • C. Certainty
  • D. Convenience
  • E. Economy
View Answer & Discuss JAMB 1985
30
An example of a regressive tax is?
  • A. the personal income tax
  • B. the graduated corporation income tax
  • C. a general sales tax
  • D. the inheritance tax
  • E. the excise tax
View Answer & Discuss (6) JAMB 1985
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