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Economics Past Questions and Answers

Jamb Economics Questions

Question 26:

One of the functions of the commercial banks is that it is?

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A Responsible for monetary policy
B Responsible for issuing currency notes
C The lender of last resort
D The banker of the government
E A banker of demand and time deposits of customers

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Question 27:

Because money serves as a standard for deferred payments

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A It serves as a store of value
B Goods can be bought on credit with pre-determined value
C Future trade becomes possible
D It serves as a unit of account
E It becomes valuable

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Question 28:

Which of the following is a necessary prerequisite for trade by barter?

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A Needs for double coincidence of wants
B Multiple exchange rate
C Impossibility of future trade
D Impossibility of large scale production
E Indivisibility of commodities

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Question 29:

A state budget is an outline of planned

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A Expenditures and revenues expected within a financial year
B Expenditures of ministries and parastatals within a given period
C Recurrent and capital expenditures within a year
D Sources of revenues derivationn for a financial year
E Use of different kinds of taxation in a given year

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Question 30:

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

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A Equality
B Security
C Certainty
D Convenience
E Economy

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