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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

The value of money depends primarily on?

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A The gold backing of the currency
B The gold backing of both currency and deposit
C The general price level
D Government decree that it is legal tender
E None of the above

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Question 32:

A commercial bank is able to create money

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A By printing it
B By maintaining reserve
C By creating a demand deposit as it gives a new loan
D By issuing cheques to depositors
E By borrowing from the central bank

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Question 33:

Which of the following is NOT one of the balance of payment entries?

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A The current account
B Foreign exchange
C Import and Export duties
D Short-term capital
E Long-term capital

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Question 34:

Which of the taxes appear generally progressive in nature?

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A Sales taxes
B The personal income tax
C Property taxes
D Corporation taxes
E None of the above

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Question 35:

In a subsistence economy?

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A There is no shortage of goods and services
B The state is the sole owner of resources
C Production is largely oriented towards consumption in the rular sector
D There is no exchange of goods and services
E Women predominate in all economic activities

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