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Jamb Past Questions and Answers on Economics Pdf

We bring you Jamb Past Questions and Answers on Economics Pdf. Having known that proper preparation precedes success in any exam, we want you to have access to one of the surest study materials so you can achieve the desired success in the exams.

It is important that you prepare well for any examination so you can achieve the desired success. therefore, you need to have a copy of Jamb Past Questions and Answers on Economics Pdf to use and prepare adequately for the exams. We will explain what it is all about, how it is patterned to suit your demand and the easiest way to download or get it. Pounds to Naira

What is JAMB Past Questions And Answers On Economics Pdf

Let us begin by explaining what this past question and answer is all about. Jamb Past Questions and Answers on Economics Pdf is the compilation of all the jamb economic questions that have been given to students to answer and the past question is presented in pdf format.

We have made the past question very simple, portable, and affordable such that every student can get it or download it as long as they have access to the smartphone. Jamb Past Questions and Answers on Economics Pdft

All those who have bought our Jamb Past Questions and Answers on Economics Pdf have been giving testimonies of how it helped them. We are very sure it is going to help you as well. When you get this past question it will definitely help you to score higher than your competitors and give you an edge over them. Pounds to Naira

With the proper use of our original Jamb Past Questions and Answers on Economics Pdf, you will definitely pass the jamb examination and come out successfully and gain direct entry admission into the university. This past question comes to you through your email address or Whatsapp once you make payments to purchase it. The downloadable format is going to be in softcopy, you can either choose to download it and read with your android phone or laptop and at your own convenience – wherever and whenever. Jamb Result

How is Jamb Past Questions and Answers on Economics Pdf Patterned

Normally, the Jamb Past Questions and Answers on Economics Pdf is in a multiple-choice question pattern. We have made it very easy for you. we bring all the questions for many years and put them together but we indicate the specific years of their occurrence. We provide the correct answers with further explanation on the subject matter to give you admissible reasons why the said answer is correct. All you need to do is to devote quality time to study the Jamb Past Questions and Answers on Economics Pdf and watch yourself score better than you expected in the examination. Waec Result

Why You Need A Copy of JAMB Past Questions And Answers On Economics Pdf Download

Jamb Past Questions and Answers on Economics Pdf will expose you to the questions that have been asked years back as most of those questions and answers get repeated every year while some will just be rephrased. So if you don’t have a copy of this past question, then you are losing out.

  1. It also provides useful information about the types of questions to expect and helps you prevent unpleasant surprises.
  2. You will be able to detect and answer repeated questions quickly and easily.
  3. You will be able to find out the number of questions you will see in the exams.

JAMB Past Questions And Answers On Economics Pdf Sample

In other to know that we are giving out the original Jamb Past Questions and Answers on Economics Pdf, we have decided to give you some free samples as proof of what we said earlier. Jamb Result

1. Scarcity in economics means?

  1. A) human wants are limitless
  2. B) the economy has very few resources

C ) the economy can scarcely produce anything

  1. D) resources are limited in relation to wants

Correct Option: D

Solution

Scarcity refers to the basic economic problem, the gap between limited – that is, scarce resources and theoretically limitless wants.

Any resource that has a non-zero cost to consume is scarce to some degree, but what matters in practice is relative scarcity.

Via: Investopedia

2. Economics is often described as a social science because?

A ) laboratory experiments are performed

  1. B) It makes use of controlled experiments
  2. C) It uses scientific methods to explain an observed phenomenon and predict future events
  3. D) It makes use of fieldwork

Correct Option: C

Solution

Economics is regarded as a social science because it uses scientific methods to build theories that can help explain the behaviour of individuals, groups and organizations.

Economics attempts to explain economic behaviour, which arises when scarce resources are exchanged.

3. Which of the following is an example of an invisible item on the balance of payments account

  1. A) shipping and aviation
  2. B) exports and imports
  3. C) merchandise
  4. D) Bullion

Correct Option: A

Solution

Invisible balance of payments refers to services or products that do not result in the transfer of physical objects.

Examples of invisible balance are tourism, consulting services, and shipping services

4. A major factor affecting the value of money is the?

  1. A) price level
  2. B) banking habits
  3. C) transaction motive
  4. D) divisible nature of money

Correct Option: A

Solution

Price level is a major factor because a rise or decline in the prices of goods and services has a direct effect on the value of money.

5. The Nigerian bank for commerce and industry is?

  1. A) a commercial bank
  2. B) a development bank
  3. C) an industrial bank
  4. D) a merchant bank

Correct Option: B

Solution

A development finance institution, also known as a development bank or development finance company, is a financial institution that provides risk capital for economic development projects on a noncommercial basis. Wikipedia

Development banks provide medium and long-term finance to the industrial and agricultural sectors. The Nigerian bank for commerce and industry is a good example of a development bank.

6. To control inflation, the monetary authorities of a country can

  1. A) reduce taxes
  2. B) advise the government to increase its expenditure

C

engage in expansive monetary policies

D

engage in restrictive monetary policies

Correct Option: D

Solution

Restrictive monetary policy is also known as contractionary monetary policy. A contractionary monetary policy is a type of monetary policy that is intended to reduce the rate of monetary expansion to fight inflation. The policy reduces the money supply in the economy to prevent excessive speculation and unsustainable capital investment.

7. Which of the following is used by the central bank to control the rate of interest

  1. A) bill of exchange
  2. B) banker’s order
  3. C) fixed deposit account
  4. D) open market operation

Correct Option: D

Solution

Open market operations refer to central bank purchases or sales of government securities in order to expand or contract money in the banking system and influence interest rates.

  1. What form of market is found in an imperfect competition where there are few buyers and many sellers
  2. A) monopoly
  3. B) oligopoly
  4. C) duopoly
  5. D) oligopsony

Correct Option: D

Solution

An oligopsony is a situation when there are only a small number of buyers in a market. As a result of the small number of buyers, limited number of people have market power and are able to lower the price they pay for a good or service due to the lack of competition.

9. A budget with a projected revenue in excess of its expenditure is said to be?

  1. A) balanced
  2. B) surplus
  3. C) deficit
  4. D) inflationary

Correct Option: B

Solution

A surplus budget is a budget whose revenues exceed the estimated expenditure in a particular financial year.

10. In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demands are___

  1. A) elastic
  2. B) inelastic
  3. C) perfectly elastic
  4. D) unitary elastic

Correct Option: B

Solution

The reason the government can impose more taxes in inelastic is because the buyer’s demand does not change as much as the price changes.

This means that an increase in price of such goods as a result of high taxes or other factors does not cause a significant change in the demand.

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7 Tips to Prepare for JAMB Economics Exams

  1. Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be in top priority and not as a hobby. Read far and wide to enhance your level of aptitude
  2. Get Exams Preparation Materials: These involve textbooks, dictionaries, Jamb Past Questions and Answers on Economics Pdf, mock questions, and others. These materials will enhance your mastering of the scope of the exams you are expecting.
  3. Attend Extramural Classes: Register and attend extramural classes at your location. This class will not only help you refresh your memory but will boast your classroom understanding and discoveries of new knowledge.
  4. Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
  5. Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse, or a doctor. Make sure you are well. Waec Result
  6. Eat when you feel like: During the exam preparation period, you are advised not to overeat, so as to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more fruits, drink milk and glucose. This will help you to enhance retention. Npower Recruitment
  7. Reduce your time in social media: Some people live their entire life on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.

If you like these tips, consider sharing them with your friends and relatives. Do you have a question or comments? Put it on the comment form below. We will be pleased to hear from you and help you to score as high as possible.

We wish you good luck!