JAMB Economics Past Questions & Answers - Page 416

2,076.

Which of the following statements is NOT true about agriculture in West Africa?

A.

Agriculture employs over 60% of West Africa’s occupied population

B.

Agriculture production is the basis for excise taxes in West Africa

C.

Many West African countries depend on agricultural exports for foreign exchange earnings

D.

Agriculture supplies West African industries with raw material

E.

Agriculture provides income to West African farmers who engaged in it

Correct answer is B

No explanation has been provided for this answer.

2,077.

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

A.

Budget deficit

B.

Balance budget

C.

Budget surplus

D.

Budget statement

E.

Unfavourable budget

Correct answer is A

No explanation has been provided for this answer.

2,078.

Indirect taxes are taxes?

A.

Which are levied on the incomes and profits of individuals and firms

B.

Whose incidence always falls on the consumer

C.

Which are based on the progressive principle

D.

On casinos, airports, and capital gains

E.

Which are levied on people and economic units through the goods and services they purchase

Correct answer is E

No explanation has been provided for this answer.

2,079.

Invisible trade refers to trade of?

A.

Services

B.

Goods and services

C.

 Tangible goods

D.

Short-term and long-term capital

E.

Goods that cannot be seen

Correct answer is E

No explanation has been provided for this answer.

2,080.

The infant industry argument for protection in developing countries recognizes the need to employ tariffs to protect

A.

Industries producing baby food and clothing

B.

Industries owned by infants

C.

 Newly set-up industries

D.

Industries in which infants will be taken care of

E.

Industries that behave like infants

Correct answer is C

No explanation has been provided for this answer.