Jamb Economics 2005 Past Questions and Answers

Question 6:

• JAMB 2005

A major assumption in a perfectly competitive market is that

A. The number of buyers and sellers is small
B. Individuals cannot influence prices
C. The quality of products remains the same
D. Prices will always remain constant

Question 7:

• JAMB 2005

A discount house is a market where

A. Various bills are exchanged
B. Short-term and medium-term loans are obtained
C. Shares are bought and sold
D. Short-term loans are obtained

Question 8:

• JAMB 2005

Idle cash balances are held for

A. Planned purchases
B. The purchase of bonds
C. The purchase of shares
D. Unplanned purchases

Question 9:

• JAMB 2005

In a particular year, the sum of the value added in each sector of the economy was N4550 million
The amount represents the GNP measured by the

A. Factor-price approach
B. Output approach
C. Income approach
D. Expenditure approach

Question 10:

• JAMB 2005

Population density is described as the

A. Average number of people per square kilometre
B. Average number of people in a country
C. Total population excluding migration
D. Total population including net migration