Jamb Economics Past Questions
Question 1
Which of the following is an example of an invisible item on the balance of payments account
- A. shipping and aviation
- B. exports and imports
- C. merchandise
- D. Bullion
Question 2
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 fieldwork
Question 3
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
- A. 0.20
- B. 0.80
- C. 1.25
- D. 2.00
Question 4
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
Question 5
A budget with a projected revenue in excess of its expenditure is said to be?
- A. balanced
- B. surplus
- C. deficit
- D. inflationary
