2007 - JAMB Economics Past Questions and Answers - page 5
41
The term ceteris paribus implies that
A
Resources are scarce
B
Human problems can be solved
C
Human beings are unpredictable
D
All factors are fully utilized
correct option: d
Users' Answers & Comments42
If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?
A
33.0
B
12.0
C
3.0
D
1.5
correct option: c
Users' Answers & Comments43
The logical sequence of basic concepts in economics is
A
Wants, scarcity, choice and opportunity cost
B
Wants , choice, scarcity and opportunity cost
C
Scarcity, wants , choice and scale of perference
D
Scarcity, choice ,scale of preference and opportunity cost.
correct option: a
Users' Answers & Comments44
An advantage of electronic banking is that it
A
Enables many customers to operate joint accounts
B
Reduces risk of bank fraud
C
Enables a customer to operate many accounts from different locations
D
Enables a customer to operate his account from different locations
correct option: d
Users' Answers & Comments45
The non-bank financial institutions that are entrusted with workers contributions towards retirements are
A
Mortgage institutions
B
Investment companies
C
Pension funds custodians
D
Pension funds administrators
correct option: c
Users' Answers & Comments46
A reduction in the bank rate encourages commercial banks to create money by
A
Decreasing the interest rate
B
maintaining the interest rate
C
Doubling the interest rate
D
Raising the interest
correct option: b
Users' Answers & Comments47
Corrections in the GNP figures for price changes require the use of a
A
Retail price index
B
Producer price index
C
Price index
D
Price deflator
correct option: d
Users' Answers & Comments48
In the circular flow of income model, the outflow variables represent
A
Income
B
Expenditure
C
Injections
D
Leakages
correct option: d
The outflow of income from the CFI is called leakages.
Leakages take the form of :
Savings
Taxes
Import
Users' Answers & CommentsLeakages take the form of :
Savings
Taxes
Import
49
Life insurance companies contribute to economic development by holding a part of their assets in
A
Long-term financial instruments
B
Equipment
C
Cash and near money
D
Money-market instruments
correct option: a
Users' Answers & Comments50
One way of solving the problem of double counting is by
A
Value-added method
B
Income method
C
Output method
D
Expenditure method
correct option: a
This problem is perfectly solved by value added method. According to this method, instead of taking value of final products, value added by each firm at each stage of production is included.
Users' Answers & Comments