2005 - JAMB Economics Past Questions and Answers - page 2

11
The major contribution of the petroleum industry to the Nigerian economy is the
A
generation of revenue for the oil companies
B
provision of employment opportunities for communites
C
generation of revenue for government
D
promotion of industrial harmony
correct option: c
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12
During a conflict between management and workers, the union's bargaing power is based on
A
work-to-rule
B
negotiation
C
picketing
D
management decision
correct option: b
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13
Localization of industries in Nigeria is mainly influenced by
A
market size
B
population groupings
C
raw materials
D
external economies
correct option: d
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14
If the death rate of a country is 52% and the growth rate is 12%, what is the birth rate of the county
A
48%
B
64%
C
40%
D
52%
correct option: b
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15
Agricultural backward-linkage effect means the establishment of
A
subsidiary industries to increase the number of industries
B
main industries to increase output
C
industries to reduce imports
D
subsidiary industries to feed the main industry
correct option: d
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16
The distinction between onshore and offshore operations in oil exploration lies in the
A
location of sites
B
output generated
C
size of production
D
techniques of production
correct option: a
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17
Long-run production is called
A
diminsihing returns to scale
B
returns to scale
C
external economies of scale
D
economies of scale
correct option: b
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18
For a firm to break even in the long run, the marginal cost curve must cut the
A
average variable cost curve at its higest point
B
average cost cure at its lowest point
C
average cost curve at its lowest point
D
total cost cure at its lowest point
correct option: c
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19
An increase in the quantity supplied of commodity suggests
A
a leftward shift of the supply curve
B
a rightward shift of the supply curve
C
a movement along the supply curve
D
an increase in elasticity of supply
correct option: c
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20
An example of a long-run cost of a firm is
A
fuel and maintenace cost
B
the planned size of plant equipment
C
the existing size of plant and equipment
D
rent on buildings
correct option: d
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