Post Utme Economics Past Questions and Answers

Question 356:

If Mr. A earns $2,000 a year while Mr. B earns $8,000 a year but Mr. A pays $200 per annum in tax while Mr. B pays $400, such a tax is ____________

A. Progressive
B. Indirect
C. Regressive
D. Proportional
E. None of the above

Question 357:

Land is a most significant factor in terms of contribution to the economy because ____________

A. It enables us to build industries
B. We build houses on it
C. All our highways are constructed on it
D. Vital resources from it enrich the economy.

Question 358:

All of the following are assets of a commercial bank except ____________

A. Cash
B. Bills discounted
C. Bank deposits
D. Advances to customers

Question 359:

The Quantity Theory of Money states that an increase in the quantity of money would bring about ____________

A. A geometrical rise in prices
B. An unequal rise in prices
C. A proportionate rise in prices
D. An absolute rise in prices

Question 360:

Under the socialist economy. the decision on what to produce is determined by the ____________

A. Producers
B. Level of expected profit
C. Price
D. Government