2020 - JAMB Economics Past Questions and Answers - page 4
31
When a country's population is experiencing increasing returns, that country is said to be?
A
overpopulated
B
economically poor
C
over-producing goods and services
D
under-populated
correct option: d
Users' Answers & Comments32
The most important attribute of money is?
A
homogeneity
B
relative scarcity
C
divisibility
D
general acceptance
correct option: d
Users' Answers & Comments33
The use of legally permissible means to reduce tax liabilities is known as tax?
A
evasion
B
avoidance
C
relief
D
exemption
correct option: c
Users' Answers & Comments34
The Economic Commission for Africa was set up by the?
A
UNO
B
ECOWAS
C
OAU
D
IMF
correct option: a
Users' Answers & Comments35
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 & Comments36
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 & Comments37
A major effect of a long distribution chain is
A
scarcity of commodities
B
high retail
C
low retails prices
D
low producer earnings
correct option: a
Users' Answers & Comments38
One of the major criticism of the 1962 -1968 National Development Plan was that?
A
it failed to incorporate lessons gained from earlier plans to enhance its efficiency
B
it came too quickly after the country's independence
C
planned expenditure was based too heavily on expected earnings from crude oil
D
its execution was based largely on foregn-sourced financial resources
correct option: a
Users' Answers & Comments39
Utility is the satisfaction derived from?
A
production
B
distribution
C
consumption
D
demand
correct option: c
Users' Answers & Comments40
Economic growth is different from economic development because economic growth
A
describes expansion and changes
B
is measurable but not objective
C
describes expansion and not change
D
is not measurable but objective
correct option: c
Users' Answers & Comments