2011 - JAMB Economics Past Questions and Answers - page 5
41
A country achieves economic development when there is
A
an increase in military expenditure
B
an increase in capacity utilization
C
a sustained increase in per capital income
D
an even distribution of goods and services
correct option: c
Users' Answers & Comments42
An indicator of growth in an economy over a period of time is the
A
GDP gap
B
GDP at factor cost
C
GDP at market price
D
GDP deflator
correct option: c
Users' Answers & Comments43
A country embarks on deficit financing in order to
A
increase revenue
B
reduce aggregate demand
C
curb inflation
D
stimulate investment
correct option: c
Users' Answers & Comments44
The import-substitution strategy of industrialization is to encourage
A
domestic production
B
large-scale production
C
importation
D
exportation
correct option: a
Import substitution, also referred to as import substitution industrialization (ISI), is a set of policies that addresses the developmental concerns of structurally deficient economic countries. As the name suggests, the ultimate goal of ISI is to promote a country’s economic industrialization by encouraging domestic production and discouraging imports of consumer goods.
Users' Answers & Comments45
Upstream oil activities involve the
A
management of pollution
B
marketing of refined products
C
exploration of crude oil
D
refining of crude oil
correct option: c
Users' Answers & Comments46
Agricultural production in Nigeria is constrained by
A
ineffective use of stabilization measures
B
inadequate demand
C
poor implementation of policies
D
balance of payments deficits
correct option: c
Users' Answers & Comments47
The main function of NNPC is to
A
oversee the development of the oil sector
B
develop the oil producing area
C
fix the price of products
D
ensure regular supply of products
correct option: a
Users' Answers & Comments48
investing heavily in the agricultural sector will lead to
A
sufficient food production
B
a vibrant commodity market
C
capital inflow
D
stable export prices
correct option: a
Users' Answers & Comments49
Industrial development in Nigeria can be encouraged through
A
signing WTO treaty
B
granting subsidies
C
the provision of efficient infrastructure
D
direct government participation
correct option: b
Users' Answers & Comments