Jamb Economics 2015 Past Questions and Answers

Question 56:

• JAMB 2015

The quantity theory of money states that a reduction in the quantity of money in circulation would bring about

A. A constant change in price
B. A rise in prices
C. An unequal fall in prices
D. A proportionate fall in price

Question 57:

• JAMB 2015

The tax levied on locally produced goods is

A. Import duty
B. Excise duty
C. Company tax
D. Value added tax

Question 58:

• JAMB 2015

Petroleum has the following positive contributions to the Nigerian economy except

A. Generate employment
B. Source of government revenue
C. Development of mono economy
D. Infrastructure development

Question 59:

• JAMB 2015

\(\begin{array}{c|c}
\text{Capital consumption allowance} & \text{N20,000} \\
\hline
\text{Gross domestic production} & \text{N60,000} \\
\hline
\text{Factor payment to foreigners} & \text{N10,000} \\
\hline
\text{Factor income from abroad} & \text{N15,000} \\
\end{array}\)


From the above table, calculate the Gross National Product.

A. N70,000
B. N75,000
C. N50,000
D. N60,000

Question 60:

• JAMB 2015

The market in which the operators are many and none of them can influence the price is

A. Stock exchange market
B. Imperfect market
C. Perfect market
D. Exchange market