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Jamb Economics Past Questions and Answers

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Jamb Economics Past Questions

Question 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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