1995 - JAMB Economics Past Questions and Answers - page 3
21
The major source of Nigeria's foreign exchange is the export of?
A
skilled manpower
B
palm kernel and cocoa
C
crude oil
D
groundnuts and cotton
correct option: c
Users' Answers & Comments22
The most important goal of OPEC is to?
A
present a united front for the purpose of raising the price of crude oil
B
bring unity among the petroleum exporting states
C
ensuring political stability among member states
D
ensure that rules on quota producion are strictly followed
correct option: d
Users' Answers & Comments23
the Central Bank's expansionary monetary policy is justified at a period?
A
when the inflation rate is high and the economic is experiencing a boom
B
of economic depression accompanied by low capacity utilization
C
when trade unions are clamouring for higher wages
D
when price of crude petroleum is rising
correct option: b
Users' Answers & Comments24
The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?
A
ban on importation of foreign goods
B
population upsurge
C
the introduction of value-added tax
D
increase in transport costs
correct option: c
Users' Answers & Comments25
The best method to curb inflation in Nigeria is to
A
reduce importation of commodities
B
increase the general level of production
C
reduce the volume ofmoney supply
D
set up price control boards
correct option: b
Users' Answers & Comments26
A bank is said to be distressed when it?
A
is unable to deal with the Central Bank
B
has a low level of capital base
C
has low level of deposits
D
experiences serious liquidity crisis
correct option: d
Users' Answers & Comments27
One method through which the Central Bank can restrict the commercial banks' power of credit expansion is to?
A
demand for increased special deposit
B
decrease the cash ratio
C
buy securities in the open market
D
reduce the rate of interests at which banks borrow from it
correct option: a
Users' Answers & Comments28
Which of the following is the cheapest for the government in improving the welfare of its citizens?
A
Subsidy
B
Income supplement
C
Donation to specific projects
D
Wages increase
correct option: c
Users' Answers & Comments29
Which of the following is mostly used to determine the cost of living?
A
Marginal changes in prices
B
Consumer price index
C
Prices of imported and exported commodities
D
producer price index
correct option: b
Users' Answers & Comments30
Ajanka, a medical student entitled to an annual allowance of N6,000, decides to leave the university to take up a job where he earns N7,000 per annum. By this singular act, the national income level will?
A
increase by N1,000
B
decrease by N 7,000
C
increase by N7,000
D
increase by N 13,000
correct option: c
Users' Answers & Comments