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JAMB UTME Economics 2009 past questions and answers

This 2009 JAMB UTME Economics set has 40 practice questions. Try these 5 free sample questions, tap a question to reveal the answer and explanation. Then practise the whole 2009 set with instant marking.

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Sample JAMB UTME Economics 2009 questions

1. A trader borrows money today and agrees to repay the same nominal amount next year. Which function of money makes this arrangement possible?
  1. Medium of exchange
  2. Unit of account
  3. Standard of deferred payment
  4. Store of value

Answer: C. Standard of deferred payment

Money serves as a standard of deferred payment when it is used to state obligations due in the future.

2. Under a progressive tax system, a person with a higher income generally pays
  1. a larger proportion of income as tax
  2. the same amount of tax as every other taxpayer
  3. a smaller proportion of income as tax
  4. tax only on expenditure

Answer: A. a larger proportion of income as tax

A progressive tax takes a higher percentage of income as income rises.

3. A government records a budget deficit in a year when its
  1. exports exceed imports
  2. tax revenue equals expenditure
  3. capital expenditure is zero
  4. total expenditure exceeds total revenue

Answer: D. total expenditure exceeds total revenue

A budget deficit occurs when government spending is greater than its revenue over the period.

4. A Nigerian firm earns foreign currency by providing transport services to customers abroad. The receipt is normally entered as a
  1. capital account debit
  2. current account credit
  3. financial account debit
  4. reserve asset debit

Answer: B. current account credit

Receipts from exported services are credits in the current account of the balance of payments.

5. Other things being equal, a depreciation of a country's currency is likely to make its exports
  1. more expensive to foreign buyers
  2. cheaper to foreign buyers
  3. unavailable to domestic buyers
  4. identical in price to all imports

Answer: B. cheaper to foreign buyers

Currency depreciation lowers the foreign-currency price of domestic goods when their domestic prices are unchanged.

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