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Economics Past Questions and Answers

Jamb Economics Questions

Question 21:

The petroleum industry in Nigeria is?

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A The sole source of the nation's revenue
B The oldest industry in the country
C The mainstay of the economy
D A factor in the decline in the nation's foreign reserves

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Question 22:

Crude petroleum is a good example of a?

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A Lasting asset
B Wasting asset
C Synthetic product
D Costless resources

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Question 23:

One of the techniques of monetary control used by the Central Bank of Nigeria is?

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A Selective credit control
B Budget deficit
C Foreign exchange control
D Monitoring the general price level

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Question 24:

Which of the following is true about the value of money?

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A It varies inversely with the price level
B It varies directly with the price level
C It depreciates in the period of deflation
D It is not affected by the price level

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Question 25:

If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out?

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A N9,000
B N3,330
C N2,770
D N2,100

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