1999 - JAMB Economics Past Questions and Answers - page 3
21
Concentrating industries in one place is advantageous because there are gains in terms of?
A
external economies
B
internal economies
C
economies of scale
D
cost economies
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22
Import substitution industrialization refers to?
A
the concentration of industries for even regional development
B
setting up of industries for even development
C
a situation in which local industries are set up to produce goods formerly imported
D
the banning of imports which are subtitutes for domestically produce goods
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23
An entrepreneur will continue to employ labour up to a point where?
A
costs are minimized
B
maximized efficiency is attained
C
wages are equal to marginal product of labour
D
marginal product of labour is equal to zero
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24
Optimum population is defined as the level of population at which?
A
per capital output is maximized
B
population is neither increasing nor decreasing
C
total national income is maximized
D
marginal efficiency of population is maximized
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25
When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?
A
an opportunity cost
B
an economic rent
C
transfer earnings
D
surplus value
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26
National income at factor cost means national income at?
A
current prices
B
nominal prices
C
last year prices
D
base year prices
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27
The value of the multiplier depends on?
A
MPC and level of income
B
level of personal income
C
level of personal savings
D
government policy and MPC
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28
One of the major problems of product distribution in most developing countries is?
A
lack of storage facilities
B
large number of middlemen
C
inadequate manpower
D
inadequate means of transportation
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29
Non-bank financial intermediaries do not?
A
provide credit facilities
B
accept deposits
C
accept demand deposits
D
sell shares
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30
Inflation which is caused mainly increases in the prices of factors of production is described as?
A
cost-push inflation
B
demand-pull inflation
C
crawling inflation
D
spiral inflation
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