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 form of tax that is mildly progressive and regressive is______
Proportional tax
Progressive tax
Regressive tax
Digressive tax
Correct answer is A
In a proportional tax system, all taxpayers are required to pay the same percentage of their income in taxes. This means that lower class, or middle class, or upper class people pay the same amount of tax. This is characterized by a Progressive and Regressive taxing system
The use of government income and expenditure instrument to regulate the economy is termed______
Monetary policy
Physical policy
Fiscal policy
Public finance
Correct answer is C
Fiscal policy is used to control inflation, deflation, unemployment, Economic recession.
The demand for labour is a________
Derived demand
Joint demand
Complementary demand
Composite demand
Correct answer is A
The demand for labour is a derived demand and has a negative slope indicating as wage rises less labour is determined.
Which of the following is not a cause of unemployment_______
Poor education
Lack of skills
Good government planning
Corruption
Correct answer is C
Good planning by the government helps to reduce unemployment.
Input
Commodities
Output
Factors
Correct answer is C
An isoquant curve is the combination of labour and capital which shows the same output i.e labour and capital = Product.