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Economics Past Questions and Answers

Jamb Economics Questions

Question 1:

Scarcity in economics means?

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A Human wants are limitless
B The economy has very few resources
C The economy can scarcely produce anything
D Resources are limited in relation to wants

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Question 2:

Economics is often described as a social science because?

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A Laboratory experiments are performed
B It makes use of controlled experiments
C It uses scientific methods to explain an observed phenomenon and predict future events
D It makes use of fieldwork

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Question 3:

Which of the following is an example of an invisible item on the balance of payments account

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A Shipping and aviation
B Exports and imports
C Merchandise
D Bullion

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Question 4:

A major factor affecting the value of money is the?

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A Price level
B Banking habits
C Transaction motive
D Divisible nature of money

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Question 5:

The Nigerian bank for commerce and industry is?

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A A commercial bank
B A development bank
C An industrial bank
D A merchant bank

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