Jamb Economics 1985 Past Questions and Answers

Question 31:

• JAMB 1985

An example of a regressive tax is?

A. The personal income tax
B. The graduated corporation income tax
C. A general sales tax
D. The inheritance tax
E. The excise tax

Question 32:

• JAMB 1985

Tax which is levied on goods manufactured, sold or used within a country is?

A. Sales tax
B. Excise tax
C. Direct tax
D. Income tax
E. Poll tax

Question 33:

• JAMB 1985

By terms of trade, we mean the?

A. Ratio of exports and imports
B. Differences between exports and imports
C. Differences between current account and capital account
D. Index of export prices to import prices expressed as a percentage
E. Ratio of short-term capital movements to long-term capital movements

Question 34:

• JAMB 1985

The argument of tariff protection in less developed economies is that such a measure would

A. Raise the price of goods affected abroad
B. Make consumers pay a higher price for the domestically produced output
C. Protect young industries from ruinous competition from abroad
D. Help reduced excess capacity in domestic industries
E. Stifle private investment intiatives

Question 35:

• JAMB 1985

Devaluation of the naira as a condition for the international Monetary Fund 'loan' is considered inadvisable because?

A. It would allowed for more money to be spent on luxuries
B. The interest rate on the loan will increase
C. It would decrease the demand for Nigeria's exports
D. It would worsen Nigeria foreign exchange situation
E. Nigerias oil would sell less in the world market