Jamb Economics 1997 Past Questions and Answers

Question 26:

• JAMB 1997

A glut in the world market for crude oil means?

A. A fall in crude oil production
B. An excess supply of crude petroleum
C. A higher crude oil price offered by the buyer
D. A higher crude oil price demanded by the seller

Question 27:

• JAMB 1997

The main problem of the Organization of Petroleum Exporting Countries is how to?

A. Prevent members from violating their quota
B. Enhance the quality of petroleum product
C. Compete with the North Sea producers
D. Ensure viable crude reserves

Question 28:

• JAMB 1997

The most important attribute of money is?

A. Homogeneity
B. Relative scarcity
C. Divisibility
D. General acceptability

Question 29:

• JAMB 1997

Which of the following is inflationary?

A. An increase in taxation
B. An increase in savings
C. A decrease in money supply
D. An increase in government expenditure

Question 30:

• JAMB 1997

In commercial banking, an account from which the customer cannot withdraw money instantly is a?

A. Demand deposit account
B. Time deposit account
C. Special deposit account
D. Savings deposit account