Jamb Economics Past Questions and Answers

Question 2221:

• JAMB 2021

Units of Quality Consumes	Total Utility	Marginal Utility
012345	-1015171818	-105210

This table illustrates the law of ____________

A. Increasing returns
B. Diminishing returns
C. Diminishing marginal utility
D. Increasing total utility

Question 2222:

• JAMB 2021

Pricing and Output decisions of sellers are highly inter-dependent in markets known as ____________

A. Monopoly
B. Oligopoly
C. Monopolistic competition
D. Perfect competition

Question 2223:

• JAMB 2022

If the Central Bank increases its bank rate

A. Many banks will shut down their operations
B. Customers will borrow more from banks
C. The supply of money may be reduced
D. Interest charges by banks will fall

Question 2224:

• JAMB 2022

Commercial banks are different from development banks in that the latter

A. Lend on short-term basis
B. Pay interest on current accounts only
C. Are mostly joint-stock companies
D. Do not deal in foreign currencies

Question 2225:

• JAMB 2022

The use of the bank rate, cash ratio and open market operations constitute

A. Fiscal policy
B. Monetary policy
C. Import policy
D. Export policy