JAMB - Economics (2020)
1
Scarcity in economics means?
Answer(D)
resources are limited in relation to wants
2
Economics is often described as a social science because?
Answer(C)
It uses scientific methods to explain an observed phenomenon and predict future events
3
Which of the following is an example of an invisible item on the balance of payments account
4
A major factor affecting the value of money is the?
5
The Nigerian bank for commerce and industry is?
6
To control inflation, the monetary authorities of a country can
Answer(D)
engage in restrictive monetary policies
7
Which of the following is used by the central bank to control the rate of interest
8
What form of market is found in an imperfect competition where there are few buyers and many sellers
9
A budget with a projected revenue in excess of its expenditure is said to be?
10
In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand
11
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
12
The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?
13
Collectivism refers to the management of state enterprises in a?
14
Efficiency in production means?
Answer(B)
producing a given output with the lowest cost of combination of factors of production
15
In economic life, the choice among alternatives depends on the?
Answer(C)
the scale of preference of the decision-maker
16
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously
Answer(B)
marginal utility must fall
17
Which of the following rewards is associated with entrepreneurship
18
Which of the following is likely to be inflationary
19
The relationship between the tax rate and income which is relevant to progressive tax is shown by?
20
The relationship between tax rate and income which is relevant to a proportional tax is depicted by?
21
Fiduciary issue is that part of?
Answer(C)
the issue of notes not backed by gold
22
The type of business finances that entitles the holder to a fixed rate of dividend is?
23
A company's expenditure on raw materials is regarded as?
24
Firms are often set up close to each other in order to take advantage of?
Answer(D)
external economies of scale
25
A situation in which a commodity is sold abroad below its cost of production in the home country is known as?
26
The problem of conducting census include
Answer(D)
poor town planning in urban areas
27
The factor of production that has the highest degree of mobility is?
28
In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?
29
The most important goal of OPEC is to?
Answer(D)
ensure that rules on quota production are strictly followed
30
Plywood industries are often located near the source of?
31
When a country's population is experiencing increasing returns, that country is said to be?
32
The most important attribute of money is?
33
The use of legally permissible means to reduce tax liabilities is known as tax?
34
The Economic Commission for Africa was set up by the?
35
One of the techniques of monetary control used by the central bank of Nigeria is
