Jamb Economics 2020 Past Questions and Answers

Question 36:

• JAMB 2020

Crude petroleum is a good example of a

A. Lasting asset
B. Wasting asset
C. Synthetic product
D. Costless resources

Question 37:

• JAMB 2020

A major effect of a long distribution chain is

A. Scarcity of commodities
B. High retail
C. Low retails prices
D. Low producer earnings

Question 38:

• JAMB 2020

One of the major criticism of the 1962 -1968 National Development Plan was that?

A. It failed to incorporate lessons gained from earlier plans to enhance its efficiency
B. It came too quickly after the country's independence
C. Planned expenditure was based too heavily on expected earnings from crude oil
D. Its execution was based largely on foregn-sourced financial resources

Question 39:

• JAMB 2020

Utility is the satisfaction derived from?

A. Production
B. Distribution
C. Consumption
D. Demand

Question 40:

• JAMB 2020

Economic growth is different from economic development because economic growth

A. Describes expansion and changes
B. Is measurable but not objective
C. Describes expansion and not change
D. Is not measurable but objective