Public Finance - Jamb Economics Past Questions and Answers

Question 26:

• JAMB 1979

The burden of tax on a commodity whose demand is infinitely inelastic

A. Is zero
B. Will be borne by the seller alone
C. Will be borne by the buyer alone
D. Will be borne by both buyer and seller
E. Is impossible to tell who bears it

Question 27:

• JAMB 1980

The budget of Nigeria will be deficit if

A. Revenue expenditure exceeds the revenue receipts
B. Capital expenditure exceeds the capital receipts
C. Revenue and capital receipts exceeds revenue and capital receipts
D. The government is spending more than its receipts
E. All of the above

Question 28:

• JAMB 1980

Mr.A earns N300 and pays N15 in tax. Mr. B earns N100 and pays N6 in tax. This tax system can be described as?

A. Proportional tax
B. Progressive tax
C. Competitive tax
D. Excise tax
E. Regressive tax

Question 29:

• JAMB 1980

Which is NOT a method of raising capital funds in Nigeria?

A. Borrowing from abroad
B. Internal borrowing
C. Nigerianization of foreign companies
D. Gifts from abroad
E. Saling government bonds

Question 30:

• JAMB 1980

Which of the taxes appear generally progressive in nature?

A. Sales taxes
B. The personal income tax
C. Property taxes
D. Corporation taxes
E. None of the above