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Economics 2020 JAMB Past Questions

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6

To control inflation, the monetary authorities of a country can

  • A. reduce taxes
  • B. advise the government to increase its expenditure
  • C. engage in expansive monetary policies
  • D. engage in restrictive monetary policies
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7

Which of the following is used by the central bank to control the rate of interest

  • A. bill of exchange
  • B. banker's order
  • C. fixed deposit account
  • D. open market operation
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8

What form of market is found in an imperfect competition where there are few buyers and many sellers

  • A. monopoly
  • B. oligopoly
  • C. duopoly
  • D. oligopsony
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9

A budget with a projected revenue in excess of its expenditure is said to be?

  • A. balanced
  • B. surplus
  • C. deficit
  • D. inflationary
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10

In order to raise more revenue for a certain period, the government should impose higher taxes on goods whose demand

  • A. elastic
  • B. inelastic
  • C. perfectly elastic
  • D. unitary elastic
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