Economics 2010 Jamb Examination
Economics 2010 Jamb Examination
Question 21
By buying treasury bills, the Central Bank of Nigeria intends to
When the CBN buys treasury bills, it injects money into the economy, thereby increasing money supply.
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Question 22
One of the functions of commercial banks is
Commercial banks primarily provide services like accepting deposits and granting loans to customers.
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Question 23
In Nigeria, the distribution of job opportunities
Deficit budgeting (spending more than revenue) is often adopted to stimulate the economy and create employment opportunities.
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Question 24
One of the characteristics of monopolistic competition is that
In monopolistic competition, there are many firms and no single seller dominates the market.
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Question 25
The demand curve for factors of production
The demand for factors of production is derived demand, and it slopes downward due to diminishing marginal productivity.
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Question 26
An agreement among firms on price and segmentation is termed
A cartel is a formal agreement among firms to fix prices or control markets.
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Question 27
In national income accounting, tax is determined by the
Taxes are typically levied based on the level of income of individuals or firms.
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Question 28
A decrease in aggregate spending in an economy will ultimately lead to
Reduced spending reduces demand, which causes prices to fall, leading to deflation.
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Question 29
In order to reduce hardship faced by consumers due to high prices government can introduce
Governments can fix maximum prices (price ceilings) to prevent exploitation of consumers by high prices.
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Question 30
Average product is less than marginal product when
When marginal product (MP) exceeds average product (AP), it pulls AP upward. Once AP starts to fall below MP, the firm is moving into decreasing returns to scale, where additional inputs add less output proportionally.
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Prestige?
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