Jamb Economics 2022 Past Questions and Answers

Question 31:

• JAMB 2022

What happens when the central bank increases the bank rate in an economy

A. Borrowing is discouraged
B. Customers increase their borrowing
C. Banks can increase their lending
D. Money supply increases

Question 32:

• JAMB 2022

In order to increase revenue, government should tax commodities for which demand is

A. Perfectly price inelastic
B. Price inelastic
C. Price elastic
D. Unitary elastic

Question 33:

• JAMB 2022

The figure above shows change in demand for commodity x which is a normal good. Use it to answer the questions that follows

Which of the following caused the change in demand from D0 D0 to D2 D2?

A. Fall in income of consumer
B. Rise in the price of a substitute
C. Rise in the price of a complement
D. Fall in the supply of commodity x

Question 34:

• JAMB 2022

Which of the following activities will not lead to economic growth?

A. Massive importation of capital goods
B. Intensive capital formation
C. Use of modern technology
D. Massive importation of consumer goods

Question 35:

• JAMB 2022

Nation engage in external trade because of difference in

A. Comparative cost
B. Absolute cost
C. Fixed cost
D. Variable cost