Year :
2021
Title :
Economic
Exam :
JAMB Exam
Paper 1 | Objectives
31 - 40 of 40 Questions
| # | Question | Ans |
|---|---|---|
| 31. |
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________ A. Scarce B. Normal C. Superior. D. Inferior |
D |
| 32. |
An economic problem arises when________ A. Sellers are few B. Scarcity and choices are involved C. Buyers are many D. Money is in short supply |
B |
| 33. |
Which of these is not a cause of high population growth in Nigeria? A. Improved hygiene B. Reduction in death rate C. Family planning unit of Nigeria D. Increased birth rate |
C |
| 34. |
Inflation can be curbed by _______ A. Deficit budget B. Paying higher wages C. Increased aggregate demand D. Reducing aggregate demand |
D |
| 35. |
A typical corporate form of business organization is owned by ______ A. Shareholders B. A local government C. The president of a country D. Foreigners and citizens of the country. |
A |
| 36. |
The price mechanism______ A. Rations the consumers B. Rewards the producers C. Regulates supply and demand D. Allocates scarce resources. |
C |
| 37. |
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 Detailed SolutionA regressive tax is a tax that takes a larger percentage of income from low-income groups than from high-income groups.From the illustration in the question, Mr. A is charged 10% for tax per annum (ie, 0.1 x 2000 = 200) while Mr. B who earns higher than Mr. A is charged 5% (ie, 0.05 x 8000 = 400) This means the taxing system is regressive, where a low-income earner, is paying a higher percentage of their income as tax while someone who earns more than double that amount is charged a lesser percentage. |
|
| 38. |
Which of these is not usually the function of a wholesaler? A. Branding B. Storage C. Transport D. Advertising |
A |
| 39. |
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 |
C |
| 40. |
By utility we mean________ A. Uselessness B. Power of satisfying a want C. Beneficial D. Consumable |
B |
| 31. |
If the price of a commodity falls and the quantity purchased does not rise, the commodity can be described as________ A. Scarce B. Normal C. Superior. D. Inferior |
D |
| 32. |
An economic problem arises when________ A. Sellers are few B. Scarcity and choices are involved C. Buyers are many D. Money is in short supply |
B |
| 33. |
Which of these is not a cause of high population growth in Nigeria? A. Improved hygiene B. Reduction in death rate C. Family planning unit of Nigeria D. Increased birth rate |
C |
| 34. |
Inflation can be curbed by _______ A. Deficit budget B. Paying higher wages C. Increased aggregate demand D. Reducing aggregate demand |
D |
| 35. |
A typical corporate form of business organization is owned by ______ A. Shareholders B. A local government C. The president of a country D. Foreigners and citizens of the country. |
A |
| 36. |
The price mechanism______ A. Rations the consumers B. Rewards the producers C. Regulates supply and demand D. Allocates scarce resources. |
C |
| 37. |
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 Detailed SolutionA regressive tax is a tax that takes a larger percentage of income from low-income groups than from high-income groups.From the illustration in the question, Mr. A is charged 10% for tax per annum (ie, 0.1 x 2000 = 200) while Mr. B who earns higher than Mr. A is charged 5% (ie, 0.05 x 8000 = 400) This means the taxing system is regressive, where a low-income earner, is paying a higher percentage of their income as tax while someone who earns more than double that amount is charged a lesser percentage. |
|
| 38. |
Which of these is not usually the function of a wholesaler? A. Branding B. Storage C. Transport D. Advertising |
A |
| 39. |
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 |
C |
| 40. |
By utility we mean________ A. Uselessness B. Power of satisfying a want C. Beneficial D. Consumable |
B |