2010 - JAMB Economics Past Questions and Answers - page 3
21
One of the characteristics of monopolistic competition is that
A
there is mobility of factors of production
B
no single seller dominates the market
C
the firms are price-takers
D
consumers have perfect knowledge of price
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22
The demand curve for factors of production
A
is perfect elastic
B
slopes upwards
C
slopes of downwards
D
is perfectly inelastic
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23
An agreement among firms on price and segmentation is termed
A
cartel
B
collusion
C
haggling
D
specialization
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24
In national income accounting, tax is determined by the
A
level of income
B
level of consumption
C
level of investment
D
rate of savings
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25
A decrease in aggregate spending in an economy will ultimately lead to
A
boom
B
inflation
C
deflation
D
recession
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26
If MPC is 0.7 while government expenditure increased by N 150m, the equilibrium national income is
A
N 214 million
B
N 45 million
C
N 105 million
D
N 500 million
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27
The function of money which makes division of labour possible is its
A
unit of account
B
store of value
C
medium of exchange
D
standard of deferred payment
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28
By buying treasury bills, the Central Bank of Nigeria intends to
A
increase money supply in the economy
B
reduce the cash reserve ratio for banks
C
reduce money supply in the economy
D
increase the capital base of commercial banks
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29
One of the functions of commercial banks is
A
maintaining stable price in the economy
B
regulating monetary policies
C
granting loans to customers
D
issuing bank notes and coins
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30
In Nigeria, the distribution of job opportunities
A
balanced budgeting
B
deficit budgeting
C
surplus budgeting
D
zero budgeting
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