Jamb Economics 2002 Past Questions and Answers

Question 11:

• JAMB 2002

National Income estimates can be used to?

A. Differentiate between the rich and the poor in a country
B. Prepare a country's annual budget
C. Protect the level of a country's economic develompent
D. Compare a country's growth rate with that of another over a period of time

Question 12:

• JAMB 2002

In Nigeria, the bank that can correctly be described as a unit bank is?

A. The Central Bank
B. People's bank
C. Mortgage bank
D. Community bank

Question 13:

• JAMB 2002

If the country's GNP in the current year is N50 billion, and the GNP in the base year N50 billion, the GNP deflector is?

A. 130.0
B. 30.0
C. 15.0
D. 1.3

Question 14:

• JAMB 2002

In a closed economy, the marginal propensity to consume is 0.6 and the average propensity to consume 0.8. The value of the multiplier is?

A. 2.5
B. 2.6
C. 2.7
D. 2.4

Question 15:

• JAMB 2002

Insurance companies invest mainly in instruments trade on the?

A. Capital market
B. Money market
C. Commodity market
D. Open market