1997 - JAMB Economics Past Questions and Answers - page 3
21
What is the effect of inelastic demand for agricultural products on the income of a farmer?
A
A price rise results in its fall
B
A price fall results in its fall
C
A price fall results in its rise
D
A price rise leaves the income unchanged
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22
Plywood industries are often located near the source of?
A
finance
B
labour
C
power supply
D
raw materials
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23
A firm is said to have benefited from external economies in production if it has realized?
A
a more efficient management of resources
B
a better combination of factors of production
C
reduced resources costs due to operation of other firms
D
a higher profit level due to increased sales
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24
One of the dangers of the localization of industries is?
A
residual employment
B
mass unemployment
C
structural unemployment
D
cyclical unemployment
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25
A glut in the world market for crude oil means?
A
a fall in crude oil production
B
an excess supply of crude petroleum
C
a higher crude oil price offered by the buyer
D
a higher crude oil price demanded by the seller
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26
The main problem of the Organization of Petroleum Exporting Countries is how to?
A
prevent members from violating their quota
B
enhance the quality of petroleum product
C
compete with the North Sea producers
D
ensure viable crude reserves
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27
The most important attribute of money is?
A
homogeneity
B
relative scarcity
C
divisibility
D
general acceptability
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28
Which of the following is inflationary?
A
An increase in taxation
B
An increase in savings
C
A decrease in money supply
D
An increase in government expenditure
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29
In commercial banking, an account from which the customer cannot withdraw money instantly is a?
A
demand deposit account
B
time deposit account
C
special deposit account
D
savings deposit account
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30
Banks can create more money by?
A
increasing its cash ratio with the Central Bank
B
issuing more banks cheques
C
accepting more deposits from customers
D
lending out money from customers deposits
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