JAMB Economics Past Questions (2006)
Q1. Economic freedom is brought about by the existence of
A. Government
B. Money
C. Availability of Credit
D. choice
Answer: D
Q2. One of the factors affecting geographical distribution of population is
A. high birth rate
B. high death rate
C. encouragement of early marriage in the rural areas
D. climatic conditions of the different parts of the country
Answer: D
Q3. Standardization of products or services is a feature of
A. large firms
B. retailers
C. small firms
D. wholesalers.
Answer: A
Q4. Most of the problems of economies arise as a result of
A. demands for scarce resource
B. increase in the demand for more goods and services.
C. the desire of producers to supply more goods and services.
D. the need to reduce the level of poverty.
Answer: A
Q5. In the normal market situation, when the price of a commodity rises, the
A. demand for the commodity will rise
B. demand for the commodity will fall
C. supply of the commodity will be constant
D. Supply of the commodity will fall.
Answer: B
Q6. A debenture holder is entitled to payments in the form of
A. allowance
B. interest
C. salary
D. donation
Answer: B
Q7. .
Which of the following is a legal tender in West Africa?
A. Treasury bill
B. Share
C. Credit card
D. Currency
Answer: D
Q8. The mechanism which allows the price of a commodity to be fixed either above or below the equilibrium is known as
A. monopolistic competition
B. price discrimination
C. perfect competitive market
D. price control
Answer: D
Q9. Where the burden of a tax finally rest is called
A. tax object
B. tax rate
C. incidence of taxation
D. system of taxation.
Answer: C