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In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid
Awholly by the supplier
Bwholly by the consumer
Cpartly by the supplier and partly by the consumer
Dwholly by the middlemen
Epartly by stockholder and partly by consumer
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Question 2202
jamb1980
One of the disadvantages of division of labour is that?
Athere is saving of time
Bit result in workers acquiring greater skill at their jobs
Cthere is a greater risk of unemployment
Dit makes possible the use of machinery
Eit makes the worker less fatigued by his work
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Question 2203
jamb1980
The marginal physical product of labour is?
Athe out put of labour unaided by machinery
Bthe extra revenue from the output of one additional woker
Cthe difference in the output of two workers
Dadditional output achieved when one extraworker is added to fixed account of other factors
Enone of the above
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Question 2204
jamb1980
Which of the following is NOT a determinant of changes in supply?
AChanges in the cost of production
BTechnical progress
CWeather
DChanges in the number of producers
EChanges in the number buyers
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Question 2205
jamb1980
Which of the following is NOT a measure for controlling inflation?
AReduction in money supply
BWage restraint and wage freeze
CReduction in taxes and increase in government spending
Dprice control
ECredit restriction
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Question 2206
jamb1980
Indicate which of the following are invisible trade items in a country’s balance of payments?
Aoil exports and imports
BGold and foreign reserves
Cforeign investment
DDividends and profit
EExpenditure on the shipping and tourism
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Question 2207
jamb1980
In Nigeria, cheques are not money because?
Atheir use is confined to business houses
Bthere are no banks in rular areas
Cthey are not legal tender
Dthey are not generally acceptable as a medium of exchange
Emost Nigerians cannot identify them
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Question 2208
jamb1980
Which of the following is NOT a function of Nigeria commercial Banks?
AAcceptance of deposit
BLending of money
CInvestment in securities and business
DIssue of currency
ESelling and buying of travellers cheques
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Question 2209
jamb1980
In a limited liability company, the greatest risk is borne by?
Adebenture holders
Bcompany executives
Cordinary shareholders
Dpreference shareholders
Eborad of directors
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Question 2210
jamb1980
Division of labour is limited by the?
Aavailable of raw materials
Bsize of the labour force
Csize of a labour firm
Dabsolute size of the country's population
Eper capital income and number of potential buyers
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Question 2211
jamb1980
In a normal (typical) demand schedule, the quantity demand is?
Adirectly related to price
Binversely related to price
Cindependent of price
Dproportional related to supply
Esolely dependent on haggling skill
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Question 2212
jamb1980
In a subsistence economy?
Athere is no shortage of goods and services
Bthe state is the sole owner of resources
Cproduction is largely oriented towards consumption in the rular sector
Dthere is no exchange of goods and services
Ewomen predominate in all economic activities
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Question 2213
jamb1980
Which of the taxes appear generally progressive in nature?
ASales taxes
BThe personal income tax
CProperty taxes
DCorporation taxes
Enone of the above
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Question 2214
jamb1980
Which of the following is NOT one of the balance of payment entries?
Athe current account
Bforeign exchange
CImport and Export duties
DShort-term capital
ELong-term capital
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Question 2215
jamb1980
A commercial bank is able to create money
Aby printing it
Bby maintaining reserve
Cby creating a demand deposit as it gives a new loan
Dby issuing cheques to depositors
Eby borrowing from the central bank
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Question 2216
jamb1980
The value of money depends primarily on?
Athe gold backing of the currency
Bthe gold backing of both currency and deposit
Cthe general price level
Dgovernment decree that it is legal tender
Enone of the above
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Question 2217
jamb1980
A disadvantage of the corporate form of business is the?
Arisk of the owners of loss of personal effects if the business should fail
Bability of the corporation to is financial resources
Climited life span of the corporation
Dproblems presented by separation ownership from control
ENone of the above
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Question 2218
jamb1980
In a free market economy, the rationing of scarce goods is done principally by
Athe government
Bbusiness organizations
Cthe price mechanism
Dconsumers
Eboth A and B
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Question 2219
jamb1980
Capital earns income because?
Ait is productive
Bit is expensive
Cit is always cheaper to substitute capital for labour
Dit is technically more efficient than labour
Eboth A and B above
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Question 2220
jamb1980
When we draw a market demand curve, we?
Aignore tastes, incomes and other prices
Bassumes that tastes, income and prices do not matter
Cassumes that taste, income and all other prices change in same direction as prices
Dassume that tastes, incomes and all other prices remain constant
