1994 - JAMB Economics Past Questions and Answers - page 4
31
Gresham's law in Economics shows that?
A
good drives out bad money
B
bad money drives out good money
C
the value of money varies inversely with the price level
D
gold must be available to maintain the price of paper money
correct option: b
Users' Answers & Comments32
Monetary policy aimed at reducing demand-pull inflation in the country maybe carried out through?
A
increase in taxation of private companies, public corporations and private individuals
B
increase in cash reserve ratio of commercial banks and the sale of government securities
C
decrease in goverment expenditure on education
D
direct price control in the market place
correct option: a
Users' Answers & Comments33
Progressive tax structure is designed to?
A
take more from the income of the poor
B
take more from income of the rich
C
take equal proportion of income from both the rich and the poor
D
reduce the problems emanating from tax imposition
correct option: b
Users' Answers & Comments34
Taxes and government expenditures are instrument of?
A
monetary policy
B
tax policy
C
economic policy
D
fiscal policy
correct option: d
Users' Answers & Comments35
The national income of a country indicates that the gross domestic production was N17 700 million and gross domestic product was N16 800 million. The difference of N900 million represents?
A
debt repayment
B
investments abroad
C
net income from abroad
D
capital consumption
correct option: c
Users' Answers & Comments36
One of the ways by which the government can speed up economic development is through the?
A
increase in consumption pattern of the people
B
encouragement of savings, investment and equitable distribution of goods and services
C
increase in the rate of population growth so as to ensure that the country has a large labour force
D
encouragement of importation of raw materials to produce consumer goods
correct option: b
Users' Answers & Comments37
A sustained increase in the production of goods and service in a country is called economic?
A
development
B
growth
C
diversification
D
planning
correct option: b
Users' Answers & Comments38
If national income rises by 6% and population rises by 3%, per capita income will?
A
rise by 6 percent
B
fall by 3 percent
C
fall by 6 percent
D
rise by 3 percent
correct option: d
Users' Answers & Comments39
One of the techniques for rectifying a deficit balance of payment is?
A
import promotion
B
devaluation
C
physical intervention
D
borrowing from abroad
correct option: b
Users' Answers & Comments40
The main objective of the Economic Community of West African State is to?
A
estabilish a West African Development Bank
B
create a West African army
C
introduce a common currency for the sub-region
D
promote the free movement of persons, goods and services within the sub-region
correct option: d
Users' Answers & Comments