Under normal circumstances a producer will bear the entire burden of taxation on his output if the
Demand for his product is completely elastic
Supply of his goods is more elastic than the demand
Demand for his product is more elastic than the supply
Production of his commodities is subject to diminishing returns
Production of his commodities is subject to increase returns to scale
Correct answer is C
A term that describes when buyers and sellers divide a tax burden is known as tax incidence. Producers would usually bear the tax burden if demand is more elastic than supply (that is changes in demand as a result of changes in factors such as prices).
When supply is more elastic than demand, the tax burden falls on the buyers. (that is when supply changes as a result of changes in prices).
Export-promotion
Import-substitution
Industrialization
Export-diversification
Import-creation
Correct answer is B
No explanation has been provided for this answer.
Technical progress
Size of the population
Amount of natural resources
The environment
The quality of human resources
Correct answer is C
No explanation has been provided for this answer.
How many National Development Plans did Nigeria have between 1960 and 1984?
One
Two
Four
Five
Six
Correct answer is C
No explanation has been provided for this answer.
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of
14 days
30 days
60 days
90 days
100 days
Correct answer is D
No explanation has been provided for this answer.