2010 - JAMB Economics Past Questions and Answers - page 5
41
The primary motive for an individual engaging in production is to
A
make profit
B
satisfy basic human wants
C
redistribute wealth
D
put inputs into use
correct option: b
Users' Answers & Comments42
If Nigeria imports vehicles from Japan the transaction will appear as a
A
debit on Japan's balance of payments
B
credit on Japan's balance of payments
C
credit on Nigeria's balance of trade
D
credit on Nigeria's balance of payment
correct option: b
Users' Answers & Comments43
One of the objectives of ADB is to
A
provide subsidies on imported goods to member countries
B
mobilize short-term loans for member countries
C
promote economic and social development of member countries
D
provide technical assistance to only poor member countries
correct option: c
Users' Answers & Comments44
The choice of the method of production in an economy is determined by the
A
level of technical know-how
B
rate of propulation growth
C
availability of natural resources
D
level of income
correct option: a
Users' Answers & Comments45
The amount of labour hired depends on the
A
number of skilled labour available
B
skill of labour
C
marginal productivity of labour
D
price of the inputs
correct option: c
The demand for an additional amount of labour depends on the Marginal Revenue Product (MRP)
Users' Answers & Comments46
A
33.3%
B
20.0%
C
11.0%
D
50%
correct option: d
Users' Answers & Comments47
A
50%
B
25%
C
8%
D
80%
correct option: d
Users' Answers & Comments48
if \(\bar{x}\) = 6 and N = 6, determine the value of ∑fx
A
36
B
12
C
1
D
72
correct option: a
Users' Answers & Comments49
The velocity of money is represented as
A
\(\frac{\text{Money supply}}{\text{Real GDP}}\)
B
\(\frac{\text{Real GDP}}{\text{Money supply}}\)
C
\(\frac{\text{Nominal GDP}}{\text{Money supply}}\)
D
\(\frac{\text{Real GDP}}{\text{Nominal GDP}}\)
correct option: c
Users' Answers & Comments