2009 - JAMB Economics Past Questions and Answers - page 4
31
According to the theory of comparative advantage specialization will result in
A
labour-intensive method of production
B
capital-intensive method of production
C
efficient allocation of resources
D
efficient distribution of output
correct option: c
Users' Answers & Comments32
Dumping in international trade means selling a goods at a
A
higher price at home than abroad
B
lower price at home than abroad
C
price that equates marginal cost with marginal revenue
D
price above marginal cost abroad
correct option: a
Dumping is an international price discrimination in which an exporter firm sells a portion of its output in a foreign market at a very low price and the remaining output at a high price in the home market
Users' Answers & Comments33
Guided deregulation as currently practised in Nigeria implies that
A
market force determine interest and exchange rates
B
government alone determines interests and exchange rates
C
market forces and government determine interest and exchange rates
D
exchange rate is regulated while interest rate is fixed
correct option: c
Users' Answers & Comments34
An important function of the World Bank is to
A
provide short-run loans to members
B
encourage trade between members
C
promote capital-intensive production
D
provide long-time loans to members
correct option: d
Users' Answers & Comments35
The major problem confronting a sole proprietor is
A
high level of risk
B
limited expertise
C
limited source of capital
D
high taxation
correct option: c
Users' Answers & Comments36
A public liability company is run on a daily basis by
A
the chief executive
B
the shareholders
C
the board of directors
D
financial consultants
correct option: c
Users' Answers & Comments37
The marketing of agricultural products in Nigeria can be improved by
A
a massive production of farm produce
B
re-establishing the marketing boards
C
establishing more agricultural banks
D
processing of farm produce
correct option: b
Users' Answers & Comments38
To enhance the competitiveness of domestic agricultural products, there is need to
A
ban the importation of a agricultural products
B
increase the exportation of agricultural products
C
improve the quality of domestic agricultural products
D
increase the output of domestic agricultural products
correct option: c
Users' Answers & Comments39
In Nigeria, the location of a steel industry at Ajaokuta is due to
A
the availability of transport ntwork
B
the proximity to source of power
C
the proximity to large deposits of iron ore
D
political consideration
correct option: c
Users' Answers & Comments40
Industries for consumer goods are concentrated in urban centers as a result of
A
large market
B
power supply
C
government policy
D
weather conditions
correct option: a
Users' Answers & Comments