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Economics Past Questions and Answers

Jamb Economics Questions

Question 36:

In a normal (typical) demand schedule, the quantity demand is?

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A Directly related to price
B Inversely related to price
C Independent of price
D Proportional related to supply
E Solely dependent on haggling skill

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Question 37:

Division of labour is limited by the?

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A Available of raw materials
B Size of the labour force
C Size of a labour firm
D Absolute size of the country's population
E Per capital income and number of potential buyers

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Question 38:

In a limited liability company, the greatest risk is borne by?

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A Debenture holders
B Company executives
C Ordinary shareholders
D Preference shareholders
E Borad of directors

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Question 39:

Which of the following is NOT a function of Nigeria commercial Banks?

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A Acceptance of deposit
B Lending of money
C Investment in securities and business
D Issue of currency
E Selling and buying of travellers cheques

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Question 40:

In Nigeria, cheques are not money because?

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A Their use is confined to business houses
B There are no banks in rular areas
C They are not legal tender
D They are not generally acceptable as a medium of exchange
E Most Nigerians cannot identify them

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