Jamb Economics 1998 Past Questions and Answers

Question 21:

• JAMB 1998

The petroleum industry in Nigeria is?

A. The sole source of the nation's revenue
B. The oldest industry in the country
C. The mainstay of the economy
D. A factor in the decline in the nation's foreign reserves

Question 22:

• JAMB 1998

Crude petroleum is a good example of a?

A. Lasting asset
B. Wasting asset
C. Synthetic product
D. Costless resources

Question 23:

• JAMB 1998

One of the techniques of monetary control used by the Central Bank of Nigeria is?

A. Selective credit control
B. Budget deficit
C. Foreign exchange control
D. Monitoring the general price level

Question 24:

• JAMB 1998

Which of the following is true about the value of money?

A. It varies inversely with the price level
B. It varies directly with the price level
C. It depreciates in the period of deflation
D. It is not affected by the price level

Question 25:

• JAMB 1998

If the reserve requirement for commercial banking in Nigeria were 30%, a commercial bank which receives an initial cash deposit of N3000 is in a position to lend out?

A. N9,000
B. N3,330
C. N2,770
D. N2,100