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Jamb Economics Past QuestionsQuestion 2196: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 Question 2197: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 2198:Inflation is likely to benefit ____________ A. Debtors B. Persons with back savings C. Creditors D. Persons who lived on fixed pension funds Question 2199: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 2200: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 |
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