Jamb Economics Past Questions and Answers

Question 2356:

• 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 2357:

• 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 2358:

• JAMB 2023

Business cycle is associated with

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

Question 2359:

• 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 2360:

• 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