Jamb Economics 2023 Past Questions and Answers

Question 51:

• JAMB 2023

The principle that specified that the amount, when and how to pay tax should be made known to tax payer is known as

A. Principle of economy
B. Principle of convenience
C. Principle of simplicity
D. Principle of certainty

Question 52:

• JAMB 2023

Money could be defined as

A. Options A, B and C
B. Medium of exchange
C. Settlement of debt
D. Medium of payment

Question 53:

• JAMB 2023

Business cycle is associated with

A. Recession
B. Unemployment
C. Seasonal variation
D. Inflation

Question 54:

• JAMB 2023

Economic problem occurs when

A. There is scarcity relative to demand
B. All raw materials are imported
C. Many people are out of work
D. There are no buyers for our goods

Question 55:

• JAMB 2023

A ............ in the price of the domestic currency in terms of a foreign currency is referred to as .............

A. Decrease, appreciation
B. Increase, de-appreciation
C. Decrease, depreciation
D. Increase, consolidation