2011 - JAMB Economics Past Questions & Answers - page 1

1
The record of a country's transactions in international trade is her
A
capital account
B
balance of payments
C
current account
D
balance of trade
CORRECT OPTION: b
2
The transfer to public shareholding corporations to private enterprises is
A
concession
B
incorporation
C
commercialization
D
privatization
CORRECT OPTION: d
3
A condition in which official and autonomous exchange rate coexist is
A
dual exchange rate system
B
managed floating rate system
C
market determined exchange rate system
D
multiple exchange rate system
CORRECT OPTION: d
4
In modern economies, the Malthusian theory of population is ineffective because of
A
birth control measures
B
technical progress
C
government policies
D
natural disasters
CORRECT OPTION: b
5
A change from one industry to another by a worker is an example of
A
geographical mobility
B
horizonatal mobility
C
professional advancement
D
veritcal mobility
CORRECT OPTION: a
6
Trade takes place because of
A
marginal utility
B
inefficiency in production
C
opportunity cost
D
comparative advantage
CORRECT OPTION: d
7
The money paid per hour for work done is
A
salary
B
wage rate
C
cost
D
bonus
CORRECT OPTION: b
8
The World Trade Organization is responsible for
A
stabilizing and harmonization oil prices
B
ensuring equal participation of countries in trade
C
modernising world economies
D
minimizing obstacles to international trade and investment
CORRECT OPTION: d
9
The graph of the schedule above will depict
A
a kinked demand curve
B
a normal demand curve
C
an abnormal demand curve
D
a diminishing marginal utility curve
CORRECT OPTION: b
10
From that table above, the price elasticity of supply is
A
4
B
25
C
1
D
2
CORRECT OPTION: c
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