Jamb Economics 1991 Past Questions and Answers

Question 31:

• JAMB 1991

The term 'Stock of Capital 'means?

A. Amount of money necessary to start a business
B. Total amount receivable by all factors of production
C. Amount of equipment plant and inventory existing at a time
D. Total amount available for economic development

Question 32:

• JAMB 1991

A tax that takes an increasing fraction of income as income goes down is called?

A. Conditional
B. Regressive
C. Progressive
D. Proportional

Question 33:

• JAMB 1991

Budget deficit is the amount by which?

A. Total expenditure exceeds revenue
B. Recurrent expenditure exceeds revenue
C. Capital expenditure exceeds revenue
D. Recurrent expenditure exceeds capital expenditure

Question 34:

• JAMB 1991

The average tax rate is defined as

A. Total tax rate less the marginal tax rate
B. The tax rate which applies to additional value income
C. The ratio of total taxes paid to total income
D. Marginal tax rate for being progressive

Question 35:

• JAMB 1991

Personal distribution of income implies?

A. The way in which income is distributed among specific households or spending units
B. The distribution of income according to basic resources
C. Dividing income according to industries
D. Dividing income between personal taxes, consumption expenditures and savings