Jamb Economics 2021 Past Questions and Answers

Question 16:

• JAMB 2021

Which of the following is NOT a character of perfect competition?

A. Supply and demand are equal
B. Products are identical
C. There is perfect knowledge
D. There is no advertising

Question 17:

• JAMB 2021

Inflation is likely to benefit ____________

A. Debtors
B. Persons with back savings
C. Creditors
D. Persons who lived on fixed pension funds

Question 18:

• JAMB 2021

When a nation's exports are greater than its imports, ____________

A. The net foreign trade is zero
B. A favourable balance of trade exists
C. A favourable balance of payment exists
D. An unfavourable balance of trade exists

Question 19:

• JAMB 2021

Surplus in balance of payments leads to ____________

A. Government budget surplus
B. Increase in foreign reserves
C. Decrease in foreign reserves
D. None of the above

Question 20:

• JAMB 2021

Economics may be defined as ____________

A. The study of human behaviour in the allocation of scarce resources
B. The study of money and banking
C. The study of markets and prices
D. The study of production and distribution