Jamb 2009 Economics Past Questions And Answers
1
The major reason why countries strive to achieve optimum growth is to
- A. be self-sufficient
- B. raise general living standards
- C. raise the level of production
- D. reduce aggregate expenditure
2
In Nigeria, the location of a steel industry at Ajaokuta is due to
- A. the availability of transport ntwork
- B. the proximity to source of power
- C. the proximity to large deposits of iron ore
- D. political consideration
3
According to the theory of comparative advantage specialization will result in
- A. labour-intensive method of production
- B. capital-intensive method of production
- C. efficient allocation of resources
- D. efficient distribution of output
4
A public liability company is run on a daily basis by
- A. the chief executive
- B. the shareholders
- C. the board of directors
- D. financial consultants
5
The demand curve for a luxury good is
- A. negatively sloped
- B. parallel to the price axis
- C. parallel to the quantity axis
- D. positively sloped
6
Dumping in international trade means selling a goods at a
- A. higher price at home than abroad
- B. lower price at home than abroad
- C. price that equates marginal cost with marginal revenue
- D. price above marginal cost abroad
7
A typical feature of a market economy is that
- A. all producers make profit
- B. full employment exists
- C. consumer sovereignty exists
- D. there is equality of economic agents
8
An important function of the World Bank is to
- A. provide short-run loans to members
- B. encourage trade between members
- C. promote capital-intensive production
- D. provide long-time loans to members
9
The reform in the banking sector in Nigeria is principally motivated by the need to
- A. increase the capital base of banks
- B. provide more money to run the economy
- C. minimize the rate of bank failures
- D. enhance efficiency in bank operations
10
Industries for consumer goods are concentrated in urban centers as a result of
- A. large market
- B. power supply
- C. government policy
- D. weather conditions