which of the following combination of qualities ensures a good tax system?
- A. Deflationary equity, certainty and convinience
- B. Economy convinience, certainty and equity
- C. Economy, deflationary, inflationary and certainty
- D. Economy, convinience, certainty and inflationary
balance of trade is define as the relationship between
- A. invisible imports and exports
- B. visible and invisible exports
- C. imports and exports of services
- D. visible exports and visible imports
In ordinary partnership, the risks are
- A. borne by the workers
- B. borne by the creditors
- C. shared among the partners
- D. undertaken by the active partners
Provision of services is classified under
- A. primary production
- B. secondary production
- C. tertiary production
- D. production possibilities
Commodity market can best be described as a market in which
- A. goods are sold
- B. labour is sold and bought
- C. short-term loans are obtained
- D. quoted stocks are bought
Price discrimination can only occur when there is
- A. perfect competiton
- B. imperfect competition
- C. a merge
- D. partnership
The population which yields the highest level of income per head is known as
- A. over-population
- B. under-population
- C. extreme population
- D. optimum population
which of the following is not n item of capital expenditure?
- A. Construction of highways
- B. Building of dams
- C. payment of salaries and wages
- D. building of a new universities
proportional tax refers to
- A. taxation of the rich only
- B. equal tax rate for all people
- C. unequal tax rate for all people
- D. taxation of civil servants only
Occupational distribution of population is mainly influenced by
- A. economic factors
- B. religious factors
- C. geographical factors
- D. social factors
Government revenue will increase if tax is imposed on a good whose demand is
- A. elastic
- B. inelastic
- C. unitary elastic
- D. perfectly elastic
The creation of utility can be referred to as
- A. value added
- B. profit maximization
- C. entreprenuership
- D. production
The reduction in the value of a country’s currency of other nations is known as
- A. deflation
- B. devaluation
- C. inflation
- D. revaluation
A form of tax in which the poor pay a higher rate than the rich is known as
- A. regressive tax
- B. backward tax
- C. oppressive tax
- D. retrogressive tax
One quality of money which makes it possible to be carried easily is its
- A. Scarcity
- B. Durability
- C. portability
- D. acceptability
In a socialist economy, factors of production are owned and controlled by the
- A. citizens
- B. businessmen
- C. government
- D. foreigners
The situation where by a government spends more than its budgets for a fiscal year is known as
- A. extra budget
- B. surplus budget
- C. mid-year budget
- D. deficit budget
Mortgage banks give loan to investors on long term basis to
- A. finance agriculture
- B. establish banks
- C. acquire machinery
- D. build houses
Deflation can be controlled by increase in
- A. the bank rate
- B. income tax
- C. the price level
- D. the budget deficit
In the money market , money can only be borrowed for
- A. long term
- B. short term
- C. capital project
- D. public utilities
When price elasticity of supply is equal to 0.4, supply is said to be
- A. inelastic
- B. elastic
- C. unitary elastic
- D. public utilities