Question 506:

• JAMB 1980

If the price of a commodity falls and the quantity purchased of it does not rise, the commodity can be described as

A. Normal
B. Abnormal
C. Inferior
D. Superior
E. Scarce

Question 507:

• JAMB 1980

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

A. Proportional tax
B. Progressive tax
C. Competitive tax
D. Excise tax
E. Regressive tax

Question 508:

• JAMB 1980

Which sector can you say is growing fastest in the Nigeria economy?

A. Agriculture
B. Industry
C. Education
D. Transport
E. Labour

Question 509:

• JAMB 1980

Which is NOT a method of raising capital funds in Nigeria?

A. Borrowing from abroad
B. Internal borrowing
C. Nigerianization of foreign companies
D. Gifts from abroad
E. Saling government bonds

Question 510:

• JAMB 1980

If a firm doubles its output and its cost increase by 60%, the firm is experiencing

A. Increase cost
B. Economies of scale
C. Decreasing returns
D. Decreasing cost
E. None of the above