Public Finance - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 2015

The tax levied on locally produced goods is

A. Import duty
B. Excise duty
C. Company tax
D. Value added tax

Question 17:

• JAMB 1978

A budget deficit means

A. That a country is buying more than is selling
B. That a country is selling more than is buying
C. That a government is spending more than in takes in taxation
D. That a government is spending less than it takes in taxation
E. That a government is spending as much as it takes in taxation

Question 18:

• JAMB 1978

A Tax which takes a higher percentage from higher incomes is called?

A. A regressive tax
B. A progressive tax
C. A proportional tax
D. An indirect tax
E. A direct tax

Question 19:

• JAMB 1978

Which of the following statements is true?

A. A proportional tax is one which takes from high income people a larger fraction of their income than it takes for low income people
B. Taxes on commodities of services which can be shifted elsewhere are usually called direct taxes
C. The sole proprietor is a legal entity
D. The influence of demand on price will be smallest on the short run
E. The cost of production is the most important determining factor of supply in the long run

Question 20:

• JAMB 1978

The biggest source of government revenue in Nigeria is

A. Mining, rents and royalties
B. Company income tax
C. Import duties
D. Export duties
E. Petroleum profit tax