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Economics Past Questions

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4316

If Mr. A earns N2.000 a year while Mr. B earns N8000 but Mr. A pays N200 in tax per annum while Mr. B pays N400, such tax is_______

  • A. Progressive
  • B. Proportional
  • C. Indirect
  • D. Regressive
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4317

Which of these is not usually the function of a wholesaler?

  • A. Branding
  • B. Storage
  • C. Transport
  • D. Advertising
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4318

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of deman is_______

  • A. Zero
  • B. 10
  • C. 2
  • D. 1
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4319

By utility we mean________

  • A. Uselessness
  • B. Power of satisfying a want
  • C. Beneficial
  • D. Consumable
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4320

The study of economics IS Important to every society because it______ 

  • A. Enables individuals to satisfy all their wants
  • B. Helps in the utilization of scarce resources.
  • C. Helps producers to know what to produce.
  • D. Restores equilibrium between producers and consumers
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