Question on: JAMB Economics - 1995
The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?
A
ban on importation of foreign goods
B
population upsurge
C
the introduction of value-added tax
D
increase in transport costs
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Correct Option: C
The sharp increase in prices of goods and services during the last quarter of 1994 in Nigeria was most likely due to the introduction of the Value Added Tax (VAT). VAT is a consumption tax added to the value of goods and services at each stage of production or distribution, which often leads to price increases for consumers.
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