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Economics Past Questions and Answers

Jamb Economics Questions

Question 36:

The most important economic characteristic differentiating commercial banks from other financial institutions is their?

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A Function as a safe and profitable store place for savings
B Role in financing balance of payment deficits
C Status as an intermediary between savers and borrowers
D Ability to create and destory money

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Question 37:

Deflation is a persistent fall in the general price level and is usually caused by?

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A A reduction in total demand
B An increase in government spending
C An increase in the money supply
D An increase in aggregate demand

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Question 38:

Which of the following causes of inflation is related to demand-pull inflation?

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A Low productivity on farms and in firms
B Poor storage facilities
C Poor distribution system
D Increase in expenditure on construction

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Question 39:

Which of the following is NOT a goal of modern budgets?

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A The control of inflation
B The reduction in income inequality
C The shift of all resources from the private to the public sector
D Economic development

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Question 40:

The best technical description of a progressive tax is a?

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A Tax which takes more money from the rich than from the poor
B More equitable tax than aggressive one
C Tax which takes a higher proportion of extra naira received as income rises
D Tax which falls directly on those in the high income brackets

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