Question 401:

• JAMB 1978

Which of the following financial assets consist the lowest rate of interest in Nigeria?

A. Commercial bills
B. Call money
C. Treasury bills
D. Development loan stocks
E. Deposits with the federal savings bank

Question 402:

• JAMB 1978

The effect of the demand for product A caused by a change in the price of a product B is called?

A. Cross-elasticity of demand
B. Elasticity of supply
C. Competitive demand
D. Composite demand
E. Joint demand

Question 403:

• JAMB 1978

Which of the following can be regarded as a liability of a commercial bank?

A. Advances
B. Deposits
C. Treasury bills
D. Overdrafts
E. Cash

Question 404:

• JAMB 1978

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

Question 405:

• JAMB 1978

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