Jamb Economics 1980 Past Questions and Answers

Question 31:

• JAMB 1980

The value of money depends primarily on?

A. The gold backing of the currency
B. The gold backing of both currency and deposit
C. The general price level
D. Government decree that it is legal tender
E. None of the above

Question 32:

• JAMB 1980

A commercial bank is able to create money

A. By printing it
B. By maintaining reserve
C. By creating a demand deposit as it gives a new loan
D. By issuing cheques to depositors
E. By borrowing from the central bank

Question 33:

• JAMB 1980

Which of the following is NOT one of the balance of payment entries?

A. The current account
B. Foreign exchange
C. Import and Export duties
D. Short-term capital
E. Long-term capital

Question 34:

• JAMB 1980

Which of the taxes appear generally progressive in nature?

A. Sales taxes
B. The personal income tax
C. Property taxes
D. Corporation taxes
E. None of the above

Question 35:

• JAMB 1980

In a subsistence economy?

A. There is no shortage of goods and services
B. The state is the sole owner of resources
C. Production is largely oriented towards consumption in the rular sector
D. There is no exchange of goods and services
E. Women predominate in all economic activities