Economics Past Questions And Answers
3281
Money could be defined as
- A. Options A, B and C
- B. Medium of exchange
- C. Settlement of debt
- D. Medium of payment
3282
Development planning focuses mainly on
- A. allocation of resources by the entrepreneurs
- B. mapping out strategies by the government
- C. developing some areas of the country by the government
- D. deciding on which types of homes to build
3283
The economic questions about what and how to produce in an economy is solely answered by the _______?
- A. government
- B. labour union
- C. private and public enterpriser
- D. system of economy practised
3284
Economics may be defined as ________
- A. The study of human behaviour in the allocation of scarce resources
- B. The study of money and banking
- C. The study of markets and prices
- D. The study of production and distribution
3285
A tax that takes an increasing fraction of income as income goes down is called?
- A. conditional
- B. regressive
- C. progressive
- D. proportional
3286
Determine the marginal revenue if the total revenue is 80.00
- A. 6.00
- B. 12.00
- C. 14.00
- D. 18.00
3287
Which of the following business units can issue shares?
- A. Partnership
- B. Public limited liability company
- C. Sole proprietorship
- D. Central bank
3288
Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is
- A. Direct
- B. Progressive
- C. Regressive
- D. Proportional
3289
The main feature of regressive taxation is that its rate
- A. is higher when income is higher
- B. is equal tax for all categories of people
- C. remains constant when income increases
- D. reduces when income increses
3290
Given that TR is total revenue, then TRn -TR (n-1) can be used to find the
- A. marginal revenue
- B. marginal cost
- C. average cost
- D. average revenue