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Economics 2020 JAMB Past Questions

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1

Scarcity in economics means?

  • A. human wants are limitless
  • B. the economy has very few resources
  • C. the economy can scarcely produce anything
  • D. resources are limited in relation to wants
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2

Economics is often described as a social science because?

  • A. laboratory experiments are performed
  • B. It makes use of controlled experiments
  • C. It uses scientific methods to explain an observed phenomenon and predict future events
  • D. It makes use of fieldwork
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3

Which of the following is an example of an invisible item on the balance of payments account

  • A. shipping and aviation
  • B. exports and imports
  • C. merchandise
  • D. Bullion
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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4

A major factor affecting the value of money is the?

  • A. price level
  • B. banking habits
  • C. transaction motive
  • D. divisible nature of money
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5

The Nigerian bank for commerce and industry is?

  • A. a commercial bank
  • B. a development bank
  • C. an industrial bank
  • D. a merchant bank
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Download WAEC May/June App - Get all past questions and answers, 100% offline - 43208