Economics Questions and Answers
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Economics questions and answers to help you prepare for JAMB, WAEC, NECO, Post UTME and job aptitude tests or interviews.
Uselessness
Power of satisfying a want
Beneficial
Consumable
Correct answer is B
No explanation has been provided for this answer.
Zero
10
2
1
Correct answer is C
No explanation has been provided for this answer.
Progressive
Proportional
Indirect
Regressive
Correct answer is D
A regressive tax is a tax that takes a larger percentage of income from low-income groups than from high-income groups.
From the illustration in the question, Mr. A is charged 10% for tax per annum (ie, 0.1 x 2000 = 200) while Mr. B who earns higher than Mr. A is charged 5% (ie, 0.05 x 8000 = 400)
This means the taxing system is regressive, where a low-income earner, is paying a higher percentage of their income as tax while someone who earns more than double that amount is charged a lesser percentage.
Rations the consumers
Rewards the producers
Regulates supply and demand
Allocates scarce resources
Correct answer is C
No explanation has been provided for this answer.
A typical corporate form of business organization is owned by ______
Shareholders
A local government
The president of a country
Foreigners and citizens of the country
Correct answer is A
No explanation has been provided for this answer.