Types, Characteristics, And Functions Of Money Jamb Economics Past Questions
Question 1
The most important attribute of money is?
- A. homogeneity
- B. relative scarcity
- C. divisibility
- D. general acceptance
Question 2
In Nigeria, cheques are not money because________
- 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
Question 3
An example of commodity money is
- A. currency note
- B. mobile money
- C. cheques
- D. silver
Question 4
The demand and supply equations for a commodity are given respectively as D = 20 - 1/2P; S = 8 + 1/4P. Recalling that at equilibrium, D = S, the equilibrium (P) and quantity (Q) can be obtained as
- A. P = 12, Q = 16
- B. P = 15, Q = 10
- C. P = 12, Q = 14
- D. P = 16, Q = 12
Question 5
The money that commands a higher market value than its face value is called
- A. paper money
- B. standard money
- C. commodity money
- D. fiat money
