Jamb 2020 Economics Past Questions And Answers
1
When a country's population is experiencing increasing returns, that country is said to be?
- A. overpopulated
- B. economically poor
- C. over-producing goods and services
- D. under-populated
2
The most important attribute of money is?
- A. homogeneity
- B. relative scarcity
- C. divisibility
- D. general acceptance
3
One of the major criticism of the 1962 -1968 National Development Plan was that?
- A. it failed to incorporate lessons gained from earlier plans to enhance its efficiency
- B. it came too quickly after the country's independence
- C. planned expenditure was based too heavily on expected earnings from crude oil
- D. its execution was based largely on foregn-sourced financial resources
4
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
5
The use of legally permissible means to reduce tax liabilities is known as tax?
- A. evasion
- B. avoidance
- C. relief
- D. exemption
6
Economics is often described as a social science because?
- 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 field work
7
One of the techniques of monetary control used by the central bank of Nigeria is
- A. selective credit control
- B. budget deficit
- C. foreign exchange control
- D. monitoring the general price level
8
The problem of conducting census include
- A. high rate of rural-urban migration
- B. poor geographical distribution of population
- C. high birth rate in the country
- D. poor town planning in urban areas
9
Collectivism refers to the management of state enterprises in a?
- A. mixed economy
- B. co-operative organizations
- C. capitalist economic system
- D. socialist economy
10
Crude petroleum is a good example of a
- A. lasting asset
- B. wasting asset
- C. synthetic product
- D. costless resources