2007 - JAMB Economics Past Questions and Answers - page 5
41
The term ceteris paribus implies that
A
Resources are scarce
B
Human problems can be solved
C
Human beings are unpredictable
D
All factors are fully utilized
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42
If P = (\frac{1}{2})(Qs + 15). What is the quantity supplied at N9.00?
A
33.0
B
12.0
C
3.0
D
1.5
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43
The logical sequence of basic concepts in economics is
A
Wants, scarcity, choice and opportunity cost
B
Wants , choice, scarcity and opportunity cost
C
Scarcity, wants , choice and scale of perference
D
Scarcity, choice ,scale of preference and opportunity cost.
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44
An advantage of electronic banking is that it
A
Enables many customers to operate joint accounts
B
Reduces risk of bank fraud
C
Enables a customer to operate many accounts from different locations
D
Enables a customer to operate his account from different locations
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45
The non-bank financial institutions that are entrusted with workers contributions towards retirements are
A
Mortgage institutions
B
Investment companies
C
Pension funds custodians
D
Pension funds administrators
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46
A reduction in the bank rate encourages commercial banks to create money by
A
Decreasing the interest rate
B
maintaining the interest rate
C
Doubling the interest rate
D
Raising the interest
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47
Corrections in the GNP figures for price changes require the use of a
A
Retail price index
B
Producer price index
C
Price index
D
Price deflator
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48
In the circular flow of income model, the outflow variables represent
A
Income
B
Expenditure
C
Injections
D
Leakages
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49
Life insurance companies contribute to economic development by holding a part of their assets in
A
Long-term financial instruments
B
Equipment
C
Cash and near money
D
Money-market instruments
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50
One way of solving the problem of double counting is by
A
Value-added method
B
Income method
C
Output method
D
Expenditure method
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