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Economics Past Questions and Answers

Jamb Economics Questions

Question 11:

Money becomes a very poor store of value in a period of ____________

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A Harvest
B Deflation
C Recession
D Inflation

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Question 12:

In Nigeria, cheques are not money because ____________

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A Most Nigerians cannot identity them
B They are not legal tender
C There are no banks in rural areas
D They are not generally acceptable as a medium of exchange

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Question 13:

Division of Labour is limited by the ____________

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A Size of labour firm
B Availability of raw material
C Size of the labour force
D Absolute size of the country's population

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Question 14:

The value of money depends primarily on ____________

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A The gold backing of the currency
B The general price level
C Government decree that it is legal tender
D None of the above

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Question 15:

In a free market economy. the rationing of scarce goods is done principally by ____________

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A Consumers
B The government
C The price mechanism
D All of the above

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