Question 1 of 20 50 total questions
An example of a regressive tax is?
A the personal income tax
B the graduated corporation income tax
C a general sales tax
D the inheritance tax
E the excise tax
Which of the following is NOT among the canons of taxation as set out by Adam Smith?
A Equality
B Security
C Certainty
D Convenience
E Economy
A state budget is an outline of planned
A expenditures and revenues expected within a financial year
B expenditures of ministries and parastatals within a given period
C recurrent and capital expenditures within a year
D sources of revenues derivationn for a financial year
E use of different kinds of taxation in a given year
Which of the following is a necessary prerequisite for trade by barter?
A Needs for double coincidence of wants
B Multiple exchange rate
C Impossibility of future trade
D Impossibility of large scale production
E Indivisibility of commodities
Because money serves as a standard for deferred payments
A it serves as a store of value
B goods can be bought on credit with pre-determined value
C future trade becomes possible
D it serves as a unit of account
E it becomes valuable
One of the functions of the commercial banks is that it is?
A responsible for monetary policy
B responsible for issuing currency notes
C the lender of last resort
D the banker of the government
E a banker of demand and time deposits of customers
The petro- chemical industries are located in the River State of Nigeria due to?
A favourable climate
B favourable soil
C oil deposits
D palm oil products
E coal deposit
Which of the following factors is mostly responsible for the concentration of population around the oil fields in Eastern Nigeria?
A Establishement of industries
B presence of mineral deposits
C Transportation facilities
D Favourable soils
E Favourable climate conditions
When a business has unlimited liability
A all its profits can be taxed away by the government
B all its assets are owned by the members of its board of directors
C the business ceases to exist at the death of one of its owners
D the owners are responsible for all its financial debts
E the owners are not responsible for all its financial debts
The purchasing power of the naira will fall when?
A the naira is devalued
B government cuts all salaries and wages
C there is inflation
D the colour of the naira is changed
E workers are retrenched
Limited liability means?
A the debts of a company can only be paid from its own assets
B the debts of a company are paid from business as well as private funds of the owners
C government cannot tax the company
D the debts of a company must be paid from private funds only
E the company does not have to pay its debts
A firm is said to be a public Joint Stock Company when it?
A is owned by the government
B is operated as a public corporation
C is operated in a non-democratic fashion
D sells shares to members of the public and publishes its account
E is a limited liability company
A corporation can obtain funds by issuing bonds. A bond is a form of debt which falls due to repayment after?
A 6 months
B 9 mnths
C 2 years
D 5 years
E 10 or more years
Warehousing facilities in the distribution and marketing of products are provided by?
A manufacturers
B wholesalers
C retailers
D consumers
E sellers
The inefficient distribution of scarce commodities in Nigeria is mostly due to the?
A inefficiency in the middlemen
B inefficiency in the production process
C long chain of the distribution system
D sovereignty of the consumers
E ineffectiveness of retailers
Which of the following is NOT a feature of underdevelopment?
A Low per capita income
B Vicious circle of poverty
C Low level of industrialization
D Greater dependence on primary production
E High per capita income
The amount of labour a producer hires relative to labour factor inputs depends on the?
A price of labour or it wage
B price of labour, machinery and other inputs
C price of machinery
D price of the other inputs
E type of machinery
If monopoly is attempting to maximize profit which of the following should it attempt to do?
A Select that output at which ATC is at minimum
B Set price equal to TC
C Maximize profit per unit
D Maximize revenue
E Equate marginal cost to marginal revnue
Under perfect competition, the long-run equilibrium requires?
A MR = MC
B MR = AC = AR
C MR > MC
D MR = MC = AR = AC
E AR = AC
At every point on a indifference curve, the
A total utility is decreasing
B prices of all goods are constant
C consumer is satiated
D level of utility is constant
E level of utility is increasing
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