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Economics Past Questions and Answers

Jamb Economics Questions

Question 6:
To control inflation, the monetary authorities of a country can
  • A Reduce taxes
  • B Advise the government to increase its expenditure
  • C Engage in expansive monetary policies
  • D Engage in restrictive monetary policies
View Answer & Explanation
Question 7:
Which of the following is used by the central bank to control the rate of interest
  • A Bill of exchange
  • B Banker's order
  • C Fixed deposit account
  • D Open market operation
View Answer & Explanation
Question 8:
What form of market is found in an imperfect competition where there are few buyers and many sellers
  • A Monopoly
  • B Oligopoly
  • C Duopoly
  • D Oligopsony
View Answer & Explanation
Question 9:
A budget with a projected revenue in excess of its expenditure is said to be?
  • A Balanced
  • B Surplus
  • C Deficit
  • D Inflationary
View Answer & Explanation
Question 10:
In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand
  • A Elastic
  • B Inelastic
  • C Perfectly elastic
  • D Unitary elastic
View Answer & Explanation