2021 - JAMB Economics Past Questions and Answers - page 3
21
Which of the following is NOT a character of perfect competition?
A
Supply and demand are equal
B
Products are identical
C
There is perfect knowledge
D
There is no advertising
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22
Inflation is likely to benefit_______
A
Debtors
B
Persons with back savings
C
Creditors
D
Persons who lived on fixed pension funds
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23
When a nation's exports are greater than its imports,_________
A
The net foreign trade is zero
B
A favourable balance of trade exists
C
A favourable balance of payment exists
D
An unfavourable balance of trade exists
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24
Surplus in balance of payments leads to ________
A
Government budget surplus
B
Increase in foreign reserves
C
Decrease in foreign reserves
D
None of the above
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25
Economics may be defined as ________
A
The study of human behaviour in the allocation of scarce resources
B
The study of money and banking
C
The study of markets and prices
D
The study of production and distribution
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26
Money becomes a very poor store of value in a period of _______
A
Harvest
B
Deflation
C
Recession
D
Inflation
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27
In Nigeria, cheques are not money because________
A
Most Nigerians cannot identity them
B
They are not legal tender
C
There are no banks in rural areas
D
They are not generally acceptable as a medium of exchange
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28
Division of Labour is limited by the________
A
Size of labour firm
B
Availability of raw material
C
Size of the labour force
D
Absolute size of the country's population
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29
The value of money depends primarily on _________
A
The gold backing of the currency
B
The general price level
C
Government decree that it is legal tender
D
None of the above
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30
In a free market economy. the rationing of scarce goods is done principally by_______
A
Consumers
B
The government
C
The price mechanism
D
All of the above
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