1998 - JAMB Economics Past Questions and Answers - page 3
21
Crude petroleum is a good example of a?
A
lasting asset
B
wasting asset
C
synthetic product
D
costless resources
correct option: b
Users' Answers & Comments22
One of the techniques of monetary control used by the Central Bank of Nigeria is?
A
selective credit control
B
budget deficit
C
foreign exchange control
D
monitoring the general price level
correct option: c
Users' Answers & Comments23
Which of the following is true about the value of money?
A
it varies inversely with the price level
B
it varies directly with the price level
C
it depreciates in the period of deflation
D
it is not affected by the price level
correct option: a
Users' Answers & Comments24
If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out?
A
N9,000
B
N3,330
C
N2,770
D
N2,100
correct option: d
Users' Answers & Comments25
An issue of bank-notes not backed by gold but by government securities is known as?
A
fiduciary isssue
B
guaranteed money
C
seignior age
D
legal tender
correct option: a
Users' Answers & Comments26
A rise in the market price of fixed interest securities is an indication that the?
A
supply of money has decreased
B
liquidity preference has increased
C
market rate of interest has risen
D
market rate of interest has fallen
correct option: c
Users' Answers & Comments27
An increase in government expenditure will lead to?
A
investment opportunities for foreign investors
B
an increase in the level of aggregate demand
C
an increase in total tax revenue
D
reduction in total tax revenue
correct option: b
Users' Answers & Comments28
When an indirect tax is levied on the producer of a good, the burden on the consumer will depend largely on the?
A
elasticity of demand for the good
B
proportion of the consumer's income spent on the good
C
elasticities of demand and supply of the commodity
D
availability of substitiutes for the commodity
correct option: a
Users' Answers & Comments29
If a government wants to reduce the level of inflation, it will?
A
run a budget surplus
B
run a budget deficit
C
run a balanced budget
D
borrow more money
correct option: a
Users' Answers & Comments30
If a country's national income increased from N1000 billion over a period of 2 years, what was the average annual rate of growth of national income over the period?
A
5%
B
15%
C
20%
D
100%
correct option: a
Users' Answers & Comments