Economics Past Questions

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A Tax which takes a higher percentage from higher incomes is called?
  • A. a regressive tax
  • B. a progressive tax
  • C. a proportional tax
  • D. an indirect tax
  • E. a direct tax
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Which of the following statements is true?

  • A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
  • B. taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
  • C. The sole proprietor is a legal entity
  • D. the influence of demand on price will be smallest on the short run
  • E. the cost of production is the most important determining factor of supply in the long run
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The largest liability appearing in the book of a commercial bank is
  • A. cash
  • B. deposits
  • C. loans and advances
  • D. capital and reserves
  • E. treasury bills
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The Lagos clearing house is
  • A. a commodity market
  • B. an import licensing centre
  • C. another name for the Lagos stock exchange
  • D. an insurance and underwriting centre
  • E. a cheque sorting centre
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The biggest source of government revenue in Nigeria is
  • A. mining, rents and royalties
  • B. company income tax
  • C. import duties
  • D. export duties
  • E. petroleum profit tax
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