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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?

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A Raise the price of the commodity and affect the quantity in an indeterminate way
B Decrease the equilibrium quantity and affect the price in an intermediate way
C Raise its price as well as the equilibrium quantity
D Lower it price while affecting the equilibrium quantity in an interminate way

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Question 32:

External finance for a limited liability company is mainly sourced through?

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A The leasing equipment
B The issuing of shares
C Trade credits
D Banks loans

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Question 33:

Some of the key indicators of underdevelopment in a country are?

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A Poverty, high level of literacy and low income
B Poverty, low level of literacy and low income
C Low level of illiteracy, low income and poverty
D Poverty, low incoe and low unemployment level

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Question 34:

One of the roles of NNPC in the production and refining of crude oil is to?

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A Secure maximum government revenue and regulate price
B Prevent the smuggling of petroleum products
C Satisfy the domestic consumption of petroleum products
D Protect the local operators in the petroleum industry

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Question 35:

One way of correcting the balance of payments problem of a country is to?

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A Introduce import-promotion measures
B Buy investments abroad
C Devalue the currency
D De-emphasize import-substitution industries

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