1993 - JAMB Economics Past Questions and Answers - page 4
31
Which of the following are the major disadvantage of direct system of taxation?i, Disincentive of hard work
ii,Difficulties in assessment and collection
iii, imperfection in tax assessment.
ii,Difficulties in assessment and collection
iii, imperfection in tax assessment.
A
i and ii
B
i and iii
C
ii and iii
D
i, ii and iii
correct option: c
Users' Answers & Comments32
According to the income approach to national income measurement, the national income of a country is equal to?
A
the value of all output produced in the country over the relevant period of time at market prices
B
the value of output at factors cost
C
the value added to production
D
C +I + G
correct option: d
Users' Answers & Comments33
The best index for international comparison of standards of living is the?
A
gross national product
B
net national income
C
per capita income
D
gross national income
correct option: c
Users' Answers & Comments34
The GDP of Nigeria will be greater than her GNP if?
A
the value of goods and services to Nigeria is greater than the value of those from Nigeria
B
consumption is greater than investment
C
government expenditures are greater than the foreign aid received
D
the value of goods and services produced by Nigeria businesses abroad is greater than that of foreign businesses in Nigeria
correct option: d
Users' Answers & Comments35
Below equilibrium, the gap between aggregate demand and the full employment level of income is called the?
A
inflationary gap
B
income gap
C
unemployment gap
D
deflationary gap
correct option: a
Users' Answers & Comments36
Which of the following are the advantages of Nigeria's membership of ECOWAS? i A greater opportunity for trade according to comparative cost advantage.
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
ii A large market industries producing under condition of decreasing cost.
iii Competition for home based monopoly firms
A
i and ii only
B
i and iii only
C
ii and iii only
D
i,ii and iii
correct option: a
Users' Answers & Comments37
Comparative advantage implies that a country will specialize in producing the commodity?
A
with the highest opprotunity cost
B
for which output per worker is lower than in other countries
C
with the lowest opportunity cost
D
for which output per worker is the same with those of other countries
correct option: c
Users' Answers & Comments38
Devaluation is effective when?
A
demand for imports is price inelastic
B
demand for imports is neutral
C
production for export is low
D
demand for exports is price elastic
correct option: d
Users' Answers & Comments39
From which of the following does Nigeria derive trade concessions?
A
IMF
B
World Bank
C
ADB
D
EEC
correct option: d
Users' Answers & Comments40
Tariff on imports are meant to?
A
prevent a foreign goods
B
discourage exports
C
encourage exports
D
increase the level of external dependency
correct option: a
Users' Answers & Comments