Jamb Economics 1978 Past Questions and Answers

Question 16:

• 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 17:

• 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 18:

• 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

Question 19:

• JAMB 1978

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

Question 20:

• JAMB 1978

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