Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Ais forced to do so because of excessive consumption within the country in the past
Bis devoting new resources to new capital formation
Cis merely devoting resources to the replacement of capital
Dexpects to consume only that amount tomorow which was forgone today
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Question 2052
jamb1986
The term of trade often measured by the ratio of the index of export
Adivided by the index of import prices multiplied by 100
Bmultiplied by the index of import prices
Cplus the index of import prices multiplied by 100
Dminus the index of import prices
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Question 2053
jamb1986
The term balance of trade, can be defined as the?
Arelation between value of exports and value of imports over a given period of time
Bbalance owed to the rest of the world in payment for imports
Cprice paid for imports in term of exports
Drelation between payments of all kind made by a country to the rest of the world, over a given period of time
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Question 2054
jamb1986
Balance of payment deficit in Nigeria CANNOT be solved by
Aimporting more goods and services
Bdevaluation of the currency
Cimposing import duties
Dimposing import bans on some commodities
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Question 2055
jamb1986
In international trade, a country specializes in the production of a commodity or group of commodities for which it has?
Aa buoyant market
Bplenty of raw materials
Cthe greatest relative advantage
Dexecutive manpower
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Question 2056
jamb1986
Tax incidence is the analysis of?
Ahow progressive a tax is
Bhow a tax is collected
Chw distorting a tax is
Dwho ultimately pays the tax
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Question 2057
jamb1986
The best technical description of a progressive tax is a?
Atax which takes more money from the rich than from the poor
Bmore equitable tax than aggressive one
Ctax which takes a higher proportion of extra naira received as income rises
Dtax which falls directly on those in the high income brackets
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Question 2058
jamb1986
Which of the following is NOT a goal of modern budgets?
AThe control of inflation
BThe reduction in income inequality
CThe shift of all resources from the private to the public sector
DEconomic development
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Question 2059
jamb1986
Which of the following causes of inflation is related to demand-pull inflation?
ALow productivity on farms and in firms
BPoor storage facilities
CPoor distribution system
DIncrease in expenditure on construction
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Question 2060
jamb1986
Deflation is a persistent fall in the general price level and is usually caused by?
Aa reduction in total demand
Ban increase in government spending
Can increase in the money supply
Dan increase in aggregate demand
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Question 2061
jamb1986
The most important economic characteristic differentiating commercial banks from other financial institutions is their?
Afunction as a safe and profitable store place for savings
Brole in financing balance of payment deficits
Cstatus as an intermediary between savers and borrowers
Dability to create and destory money
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Question 2062
jamb1986
Given that the cash reserve ratio is 10 percent, what is the maximum amount of that the banking system can create from an initial cash deposit of N1,000.00?
AN100.00
BN1,000.00
CN9,000.00
DN10,000.00
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Question 2063
jamb1986
Gresham's law in economics shows that
Abad money drives good money out of circulation
Bgood money drives bad money out of circulation
Cgold must be available to maintain the value of paper money
Dthe price level varies directly with the quality of money
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Question 2064
jamb1986
Which of the following is used by the Central Bank to control the rate of interest?
ABill of Exchange
BBanker's order
CFixed deposit account
DOpen market operation
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Question 2065
jamb1986
To control inflation, the monetary authorities of a country can?
Areduce taxes
Badvise government to increase its expenditure
Cengage in expansive monetary policy
Dengage inrestrictive monetary policy
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Question 2066
jamb1986
The Nigeria Bank for Commerce and Industry is?
Aa commercial Bank
Ba developmment bank
Can industrial bank
Da merchant bank
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Question 2067
jamb1986
Which of the following advantages of localization of industries may also be a disadvantage?
AExternal economies
BConcentration of industries and of people
CDevelopment of organized markets
DReduced costs of research
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Question 2068
jamb1986
Which of the following is an external economy derived by a firm?
ALow cost opportunities enjoyed by being in a place where other producers concentrate
BTechnical economics enjoyed by varying the factors of production
CEconomics of management by putting administrators where the are most efficient
Dmarketing advantages attained through preferential treatment in the purchase and distribution of produce
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Question 2069
jamb1986
One of the advantages of a partnership over a sole proprietorship is that?
Ait is the most popular form of business organization
Bthe patern can easy withdraw from business
Cit makes an increase in the capital of the business possible
Dthere is no limit to the number of people who may bring in capital
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Question 2070
jamb1986
Which of the following is a characteristic of private limited liability company?
Aits shares can be sold to the public
Bthe number of shareholders ranges from fifty to one hundred
Call shareholders have equal powers and responsibilities
Dthe number of shareholders ranges from two to fifty
