Economics 2020 Past Questions | JAMB

Study the following Economics past questions and answers for JAMBWAEC  NECO and Post-JAMB. Get prepared with official past questions and answers for upcoming examinations.

31. 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

32. The most important attribute of money is?

  • A. homogeneity
  • B. relative scarcity
  • C. divisibility
  • D. general acceptance

33. The use of legally permissible means to reduce tax liabilities is known as tax?

  • A. evasion
  • B. avoidance
  • C. relief
  • D. exemption

34. The Economic Commission for Africa was set up by the?

  • A. UNO
  • B. ECOWAS
  • C. OAU
  • D. IMF

35. 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

36. Crude petroleum is a good example of a 

  • A. lasting asset
  • B. wasting asset
  • C. synthetic product
  • D. costless resources

37. A major effect of a long distribution chain is 

  • A. scarcity of commodities
  • B. high retail
  • C. low retails prices
  • D. low producer earnings

38. 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 foreign-sourced financial resources

39. Utility is the satisfaction derived from?

  • A. production
  • B. distribution
  • C. consumption
  • D. demand

40. Economic growth is different from economic development because economic growth

  • A. describes expansion and changes
  • B. is measurable but not objective
  • C. describes expansion and not change
  • D. is not measurable but objective
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