Correct Answer: D. L

Correct Answer: B. slopes down to the right and is below the AR curve.

Correct Answer: B. joint supply

Explanation

(a) A tax is a compulsory levy imposed by the government on individuals and firms.

(b)(i) Equity / Ability to Pay:It is fair to assume that those who have the greatest wealth or the highest in-come should pay higher. This implies that revenue should be raised without causing undue hardship to the tax payer.

(ii) The Revenue yield:From the standpoint of the government, the total revenue that tax yields is of considerable importance. Governments are comfortable with . taxes that provide a fairly predictable and steady in-come.

(iii)Economy: Consideration must be given to the cost of collecting a tax, since high cost incurred in administering a tax may make it uneconomical for both the tax payer and the government.

(iv) Neutrality:An important consideration in evaluating tax is how the tax affects production, savings and people's willingness to work. A good tax system should not interfere unnecessarily with the supply and demand for goods and services.

(v)Convenience: The method and time of payment should be convenient to the tax payers.

(vi) Benefits - Received principle:It is argued that those who benefit most from government supplied goods or services should pay the taxes necessary for their financing. For example petrol taxes are typically ear-marked for financing road construction and repairs. Toil gates. etc.

(vii)Certainty: Governments and the tax payers should know about the amount, time, method of tax payments with certainty.

(viii) Flexibility: The tax system should be flexible enough for adjustments when the need arises.

(ix) Simplicity:Taxation should not be difficult to administer and understand. It should not cause problems of differences in interpretation.

Correct Answer: C. net migration

Explanation

The net migration rate is the difference between the number of immigrants (people coming into an area) and the number of emigrants (people leaving an area) throughout the year.

Correct Answer: D. poor town planning in urban areas

Correct Answer: A. downward from left to right

Explanation

A normal demand curve is downward sloping from left to right indicating the negative relationship between the price of a product and the quantity demanded.

Correct Answer: C. cost of training

Correct Answer: A. efficiency in pricing and distribution of the products

Explanation

To understand this, we first have to understand what deregulation means. Deregulation is the removal of regulations or restrictions, especially in a particular industry. In this context it is the removal of regulations and restrictions such as subsidy paid by the Nigerian government on petroleum products. One of the main reasons for deregulating the petroleum sector is to make the sector competitive, efficient and with lower product prices. The government has been paying for subsidy and this has led to stealing and corruption in that sector as well as high cost of refined products. If the sector is deregulated, petroleum products would be refined and sold in Nigeria eliminating the extra cost of paying for subsidy by re-importing the refined products.

Correct Answer: C. on his savings