Jamb Economics 1988 Past Questions and Answers

Question 31:

• JAMB 1988

In any economy, what is used as money is determined by?

A. Government acceptance commodity standard
B. Government acceptance of an inconvertible paper standard
C. Laws and customs
D. Its use as a store of value

Question 32:

• JAMB 1988

The rate at which money changes hands is known as the?

A. Rate of inflation
B. Velocity of transactions
C. Velocity of money
D. Velocity of circulation

Question 33:

• JAMB 1988

Merchants banks perform all the following functions EXCEPT?

A. Raising of capital for industry
B. Provision of current account facilities
C. Management of investment portfolios
D. Provision of credit for overseas trade

Question 34:

• JAMB 1988

Which of the following is a direct tax?

A. Sales tax
B. Purchase tax
C. Export duties
D. Property tax

Question 35:

• JAMB 1988

Which of the following would most likely be considered an example of benefit taxation?

A. Excise tax
B. Corporate income tax
C. Property tax
D. Highway-user tax