Jamb Economics 2020 Past Questions and Answers

Question 6:

• JAMB 2020

To control inflation, the monetary authorities of a country can

A. Reduce taxes
B. Advise the government to increase its expenditure
C. Engage in expansive monetary policies
D. Engage in restrictive monetary policies

Question 7:

• JAMB 2020

Which of the following is used by the central bank to control the rate of interest

A. Bill of exchange
B. Banker's order
C. Fixed deposit account
D. Open market operation

Question 8:

• JAMB 2020

What form of market is found in an imperfect competition where there are few buyers and many sellers

A. Monopoly
B. Oligopoly
C. Duopoly
D. Oligopsony

Question 9:

• JAMB 2020

A budget with a projected revenue in excess of its expenditure is said to be?

A. Balanced
B. Surplus
C. Deficit
D. Inflationary

Question 10:

• JAMB 2020

In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

A. Elastic
B. Inelastic
C. Perfectly elastic
D. Unitary elastic