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2003 - JAMB Economics Past Questions and Answers - page 5

41

An important factor hindering the rapid development of the industrial sector in Nigeria is

A
rural-urban migration
B
excessive demand for finished products
C
inadequate infrastructural facilities
D
the dominace of the oil sector
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42

Fixing the prices of agricultural products can be a problem because of the

A
activities of marketing boards
B
size of agricultural exports
C
instability of government policies
D
unpredicatable output of farmers
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43

The labour force of a country can be determined by examining the

A
age structure of the population
B
sex distribution of the population
C
geographical distribution of the population
D
occupational distribution of the population
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44
Use the production possibility curve of a country represented in the diagram above to this questions.An improvement in technology will enable the country to produce at
A
V
B
W
C
X
D
Z
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45
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
A
V
B
W
C
X
D
Z
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46
In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
A
3y and 3x
B
6y and 4x
C
3y and 6x
D
5y and 5x
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47

The best method of production in an under populated country is

A
Labour-extensive
B
Land-intensive
C
Capital-intensive
D
Labour-intensive
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48

The commercial banks differ from non-bank financial institutions because they

A
Accept deposits withdrawable by cheque
B
Mobilize savings
C
Invest surplus funds
D
Contribute to economic development
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49

If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was

A
4.02%
B
2.10%
C
2.06%
D
1.03%
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50

The theory of comparative advantage states that a commodity should be produced in that nation where the

A
Absolute cost is least
B
Absolute money cost is least
C
Opportunity cost is least
D
Production possibility curve increases
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