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Tuesday, 23 June 2026
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Economics Past Questions and Answers

Economics Questions

Question 3871:
JAMB 2020
Scarcity in economics means?
SchoolNGR Classroom
  • A Human wants are limitless
  • B The economy has very few resources
  • C The economy can scarcely produce anything
  • D Resources are limited in relation to wants
View Answer & Explanation
Question 3872:
JAMB 2020
Economics is often described as a social science because?
SchoolNGR Classroom
  • A Laboratory experiments are performed
  • B It makes use of controlled experiments
  • C It uses scientific methods to explain an observed phenomenon and predict future events
  • D It makes use of fieldwork
View Answer & Explanation
Question 3873:
JAMB 2020
Which of the following is an example of an invisible item on the balance of payments account
SchoolNGR Classroom
  • A Shipping and aviation
  • B Exports and imports
  • C Merchandise
  • D Bullion
View Answer & Explanation
Question 3874:
JAMB 2020
A major factor affecting the value of money is the?
SchoolNGR Classroom
  • A Price level
  • B Banking habits
  • C Transaction motive
  • D Divisible nature of money
View Answer & Explanation
Question 3875:
JAMB 2020
The Nigerian bank for commerce and industry is?
SchoolNGR Classroom
  • A A commercial bank
  • B A development bank
  • C An industrial bank
  • D A merchant bank
View Answer & Explanation

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