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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

By balance of visible trade we mean?

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A Import and export of goods
B Import and export of service
C Balance of current account in the balance of payment
D Balance of capital account in the baalance of payment
E All of this

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Question 12:

Nigeria earns the major part of her foreign exchange from the export of?

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A Manpower to another countries
B Crude oil
C Petroleum products
D Groundnuts and cotton
E Palm oil and cocoa

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Question 13:

Which would you NOT consider an advantage of one-man business?

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A Freedom of action
B Limited liabiities
C Quick decision-making
D Personal contact with customers
E None o the albove

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Question 14:

The budget of Nigeria will be deficit if

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A Revenue expenditure exceeds the revenue receipts
B Capital expenditure exceeds the capital receipts
C Revenue and capital receipts exceeds revenue and capital receipts
D The government is spending more than its receipts
E All of the above

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Question 15:

An economic problem arises when?

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A Manufactured goods are in short supply
B Money is in short supply
C Buyers are many
D Sellers are few
E Scarcity and choice are involved

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