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JAMB and WAEC Economics questions: Public finance

31 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAgriculture in Nigeria · 30Business organisations · 29Economic growth and development · 30Economic systems · 28Economics as a science · 30Factors of production · 28Financial institutions · 30Industry and industrialisation · 30International economic organisations · 29International trade · 32Market structures · 31Methods and tools of economic analysis · 29Money and inflation · 34National income · 36Natural resources and the Nigerian economy · 30Population · 30Public finance · 31The labour market · 31Theory of consumer behaviour · 30Theory of costs and revenue · 33Theory of demand · 43Theory of price determination · 30Theory of production · 29Theory of supply · 32

  1. Question 1· Public finance· WAEC

    Value Added Tax (VAT) is an example of

    Explanation and discussion

  2. Question 2· Public finance· WAEC

    An advantage of indirect taxes is that they are

    Explanation and discussion

  3. Question 3· Public finance· WAEC

    A balanced budget means

    Explanation and discussion

  4. Question 4· Public finance· JAMB

    A regressive tax is one that

    Explanation and discussion

  5. Question 5· Public finance· JAMB

    Which of the following is one of Adam Smith's canons of taxation?

    Explanation and discussion

  6. Question 6· Public finance· WAEC

    The burden of a tax falls mainly on consumers when demand is

    Explanation and discussion

  7. Question 7· Public finance· WAEC

    A worker earning ₦100,000 pays 5% in tax while one earning ₦1,000,000 pays 20%. The tax is

    Explanation and discussion

  8. Question 8· Public finance· JAMB

    A proportional tax is one in which

    Explanation and discussion

  9. Question 9· Public finance· WAEC

    A tax whose rate increases as income increases is

    Explanation and discussion

  10. Question 10· Public finance· WAEC

    A tax charged on goods when they are bought in shops is

    Explanation and discussion

  11. Question 11· Public finance· WAEC

    A budget deficit occurs when government

    Explanation and discussion

  12. Question 12· Public finance· JAMB

    Canons of taxation include

    Explanation and discussion

  13. Question 13· Public finance· WAEC

    A tax that takes a higher proportion of a poor person's income than a rich person's is

    Explanation and discussion

  14. Question 14· Public finance· JAMB

    Fiscal policy involves the use of

    Explanation and discussion

  15. Question 15· Public finance· JAMB

    Public debt is

    Explanation and discussion

  16. Question 16· Public finance· JAMB

    Fiscal policy uses

    Explanation and discussion

  17. Question 17· Public finance· WAEC

    The canon of taxation that says a tax should be cheap to collect is

    Explanation and discussion

  18. Question 18· Public finance· JAMB

    Revenue allocation in Nigeria shares federally collected revenue among

    Explanation and discussion

  19. Question 19· Public finance· JAMB

    Which of the following is a direct tax?

    Explanation and discussion

  20. Question 20· Public finance· WAEC

    Value Added Tax is an example of

    Explanation and discussion

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