Question 1If 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 tax isA.progressive B.indirect C.regressive D.proportional E.none of the above Objective Show full explanation
Question 2When the average physical product curve is rising, the marginal physical product is A.below it B.above it C.falling D.zero E.none of the aboveObjective Show full explanation
Question 4Utility of a commodity meansA.its usefulness B.power to satisfy a want C.price of the commodity D.satisfaction derived from the production of a commodity E.its adaptabilityObjective Show full explanation
Question 5Which of the following is not a measure for controlling inflation?A.reduction in money supply B.wage restraint and wage freeze C.reduction in taxes and increase in government spending D.price control E.credit restriction Objective Show full explanation
Question 6One of the disadvantages of division of labour is that A.there is a saving of time B.it results in workers acquiring greater skill at their jobs C.there is a greater risk of unemployment D.it makes possible the use of machinery E.it makes the workers less fatigued by his work Objective Show full explanation
Question 7Progressive income tax can be expressed as A.tax that falls as income rises B.tax that rises as income falls C.tax that is independent of income D.tax that rises as income rises E.tax that is neutral to incomeObjective Show full explanation
Question 8Taxes which are levied on a person's expenditure are known as A.purchase tax B.sales tax C.direct tax D.poll tax E.income tax Objective Show full explanation
Question 9One of the ways by which government derives revenue from industrial enterprises in West Africa is A.tariffs B.excise dutyC.poll tax D.import duties E.community tax Objective Show full explanation
Question 10A commodity can be sold for two or more different prices if it is A.sold in a perfect market B.produced or sold by imperfect competitors C.produced or sold by perfect competition D.sold in an imperfect market Objective Show full explanation
Question 11Which of the following countries is not a member or the Economic Community of West African StateA.sierra Leone B.Sudan C.Gambia D.Nigeria E.GuineaObjective Show full explanation
Question 12The most dominant economic activity which employs the largest number of people in West Africa is A.manufacturing B.transport C.government D.agriculture E.the petroleum industryObjective Show full explanation
Question 13Retailers in an economy perform the function of A.production B.exchange C.distribution D.hoarding E.investment Objective Show full explanation
Question 14For two substitute goods, the cross elasticity of demand is A.two B.zero C.negative D.positive E.infinityObjective Show full explanation