UNIZIK Economics 2014/2015 Day 2 Past Questions

Practice each question, then open it to see the full details.

Which of these taxes appear generally progressive in nature?

A.sales tax
B.the personal income
C.property tax
D.corporation tax
E.none of the above

if a commodity has many substitutes, it is most likely that

A.the demand curve is fairly inelastic
B.the demand curve is elastic
C.the demand curve is parallel to the quantity axis
D.the demand curve is positively sloped
E.the price of the commodity is too high

Shares which does not carry any fixed rate of income is known as

A.debentures
B.preference shares
C.ordinary shares
D.participating preference shares
E.old shares

One major limitation of division of labour is

A.monopoly of work
B.decline of craftsmanship
C.risk of unemployment
D.extent of market demand
E.boredom

The population level that yield the maximum output when combined with available resources is known as

A.dependent population
B.maximum population
C.optimum population
D.active population
E.productive population

One of these is not a part of fixed costs of a limited liability company

A.interest on loan
B.rent on buildings
C.depreciation reserves
D.management expenditure
E.wages

Under the ECOWAS treaty on the free movement a citizen of a member state can enter and stay in a member state without a visa for

A.100 days
B.90 days
C.80 days
D.70 days
E.10 days

A firm will, in the long run leave an industry if price

A.does not cover at least Average Total Cost
B.is not equal to Marginal Cost
C.is higher than Average Variable Cost
D.is not at least equal to the minimum of the Marginal Cost Curve
E.is higher than Average Variable Cost and is not at least equal to the minimum of the Marginal Cost Curve

If inflation is anticipated to continue:

A.people will lose confidence in goods
B.lenders will demand higher interest rates
C.the growth of full employment output will be accelerated
D.people will want to hold more money
E.none of the above

In respect of quality of money, one of these does not belong

A.durability
B.portability
C.divisible into smaller units
D.identified by all
E.measure of value

Given that demand and price remain unchanged, an outward shift of the supply curve will lead to

A.hoarding
B.excess supply
C.excess demand
D.a blank market
E.no change

Which of these yields more revenue?

A.value added tax
B.royalties
C.indirect tax
D.direct tax
E.none of the above