Jamb Economics 2021 Past Questions and Answers

Question 11:

• JAMB 2021

Money becomes a very poor store of value in a period of ____________

A. Harvest
B. Deflation
C. Recession
D. Inflation

Question 12:

• JAMB 2021

In Nigeria, cheques are not money because ____________

A. Most Nigerians cannot identity them
B. They are not legal tender
C. There are no banks in rural areas
D. They are not generally acceptable as a medium of exchange

Question 13:

• JAMB 2021

Division of Labour is limited by the ____________

A. Size of labour firm
B. Availability of raw material
C. Size of the labour force
D. Absolute size of the country's population

Question 14:

• JAMB 2021

The value of money depends primarily on ____________

A. The gold backing of the currency
B. The general price level
C. Government decree that it is legal tender
D. None of the above

Question 15:

• JAMB 2021

In a free market economy. the rationing of scarce goods is done principally by ____________

A. Consumers
B. The government
C. The price mechanism
D. All of the above