Jamb Economics 1985 Past Questions and Answers

Question 26:

• JAMB 1985

One of the functions of the commercial banks is that it is?

A. Responsible for monetary policy
B. Responsible for issuing currency notes
C. The lender of last resort
D. The banker of the government
E. A banker of demand and time deposits of customers

Question 27:

• JAMB 1985

Because money serves as a standard for deferred payments

A. It serves as a store of value
B. Goods can be bought on credit with pre-determined value
C. Future trade becomes possible
D. It serves as a unit of account
E. It becomes valuable

Question 28:

• JAMB 1985

Which of the following is a necessary prerequisite for trade by barter?

A. Needs for double coincidence of wants
B. Multiple exchange rate
C. Impossibility of future trade
D. Impossibility of large scale production
E. Indivisibility of commodities

Question 29:

• JAMB 1985

A state budget is an outline of planned

A. Expenditures and revenues expected within a financial year
B. Expenditures of ministries and parastatals within a given period
C. Recurrent and capital expenditures within a year
D. Sources of revenues derivationn for a financial year
E. Use of different kinds of taxation in a given year

Question 30:

• JAMB 1985

Which of the following is NOT among the canons of taxation as set out by Adam Smith?

A. Equality
B. Security
C. Certainty
D. Convenience
E. Economy