Jamb Economics 1979 Past Questions and Answers

Question 26:

• JAMB 1979

If Mr A earns N2,000 a year while Mr B earns N8,000 but Mr a pays N200 in tax per annum while Mr B pays N400, such a tax is

A. Progressive
B. Indirect
C. Regressive
D. Proportional
E. None of the above

Question 27:

• JAMB 1979

Which of the following is not an asset of a commercial bank?

A. Cash
B. Money at call
C. Treasury bills
D. Reserve funds
E. Loans and over-draft

Question 28:

• JAMB 1979

The lowering of the exchange rate between country's currency and other currencies is known as

A. The foreign exchange rate
B. Deflation
C. Exchange control
D. The law of comparative advantage
E. None of the above

Question 29:

• JAMB 1979

When the average physical product curve is rising the marginal physical product is

A. Below it
B. Above it
C. Falling
D. Zero
E. None of the above

Question 30:

• JAMB 1979

The proportion of currency in the money supply

A. Is higher in developing countries than advanced countries
B. Is lower in developing countries than advanced countries
C. Is the same in both developing and advanced countries
D. Grows as the economy develope
E. None of the above