Jamb Economics 2020 Past Questions and Answers

Question 1:

• JAMB 2020

Scarcity in economics means?

A. Human wants are limitless
B. The economy has very few resources
C. The economy can scarcely produce anything
D. Resources are limited in relation to wants

Question 2:

• JAMB 2020

Economics is often described as a social science because?

A. Laboratory experiments are performed
B. It makes use of controlled experiments
C. It uses scientific methods to explain an observed phenomenon and predict future events
D. It makes use of fieldwork

Question 3:

• JAMB 2020

Which of the following is an example of an invisible item on the balance of payments account

A. Shipping and aviation
B. Exports and imports
C. Merchandise
D. Bullion

Question 4:

• JAMB 2020

A major factor affecting the value of money is the?

A. Price level
B. Banking habits
C. Transaction motive
D. Divisible nature of money

Question 5:

• JAMB 2020

The Nigerian bank for commerce and industry is?

A. A commercial bank
B. A development bank
C. An industrial bank
D. A merchant bank