Public Finance - Jamb Economics Past Questions and Answers

Question 61:

• JAMB 1987

Ad valorem tax means?

A. A certain percentage tax based on the value of the commodity
B. A certain percentage tax based on the volume of the commodity
C. A tax on the income of the consumer
D. Payment of a tax on the profits made

Question 62:

• JAMB 1987

In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?

A. Elastic
B. Inelastic
C. Perfectly elastic
D. Unitary elastic

Question 63:

• JAMB 1987

A budget with a projected revenue in excess of its expenditure is said to be?

A. Balanced
B. Surplus
C. Deficit
D. Inflationary

Question 64:

• JAMB 1987

The money which government spends yearly for the maintenance of its school is?

A. Used only for wages and salaries
B. Part of the government's capital expenditure
C. Part of the government's recurrent expenditure
D. The government's budget for its school

Question 65:

• JAMB 1987

Capital consumption allowance refers to?

A. Personal consumption expenditure
B. Indirect business taxes
C. Depreciation of capital equipment
D. Expenditure on capital equipment