by Sunday | Oct 21 | Economics JAMB
A. Generate employment B. Source of government revenue C. development of mono-economy D. Infrastructure development Correct Answer: Option C – development of mono-economy Explanation Oil production brings about a billion investments in the country’s...
by Sunday | Oct 21 | Economics JAMB
A. import duty B. excise duty C. company tax D. value-added tax Correct Answer: Option B – excise duty Explanation A tax percentage levied on manufactured, sale, or use of locally produced goods (such as alcoholic drinks or tobacco...
by Sunday | Oct 21 | Economics JAMB
A. A constant change in price B. A rise in prices C. An unequal fall in prices D. A proportionate fall in price Correct Answer: Option A – A constant change in price Explanation The quantity theory of money assumes that the velocity of money is constant. This...
by Sunday | Oct 21 | Economics JAMB
A. wants B. Scarcity C. Opportunity Cost D. Scale of Preference Correct Answer: Option B – Scarcity Explanation Scarcity refers to the basic economic problem, the gap between limited – that is, scarce – resources and theoretically limitless wants. This situation...
by Sunday | Oct 21 | Economics JAMB
A. issuing currency B. increasing cash ratio C. issuing cheque D. lending to borrowers Correct Answer: Option D – lending to borrowers Explanation Lending to borrowers in form of loan with an interest rate makes the commercial bank to create more...