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.
A country should embark on development planning to ensure that
It becomes popular among the comity of nations
It also does what others are doing
Its scarce productive resources are efficiently utilized
The nation is able to contribute its own quota to international organizations
Correct answer is C
No explanation has been provided for this answer.
Expenditure on food takes a large proportion of the incomes of people in
Industrialized countries
Advanced countries
Developing countries
Capitalist countries
Correct answer is C
Option C is correct because developing countries depend mainly on imported finished goods, and taxes are being paid on these goods from the point of clearing at the port to the point of sales at shops.
Specific tax
Proportional tax
Regressive tax
Progressive tax
Correct answer is D
A progressive tax is a type of tax in which the tax rate increases as the taxable amount increases. This type of taxes imposes a greater percentage of taxation on higher income levels.
During inflation, the appropriate fiscal measure to adopt is to
Increase indirect taxes
Increase direct taxes
Reduce personal income tax
Increase government expenditure
Correct answer is B
In fiscal policy, the government controls inflation either by reducing private spending or by decreasing government expenditure, or using both.
It reduces private spending by increasing taxes on private businesses. When private spending is more, the government reduces its expenditure to control inflation. The tax system should provide larger incentives to those who save, invest, and produce more.
Tools of monetary policy do not include
Open market operations
Reserve requirement
Bank rate
Tax and public expenditure
Correct answer is D
Central banks have four main monetary policy tools: the reserve requirement, open market operations, the discount rate, and interest on reserves.