2014 - JAMB Economics Past Questions and Answers - page 4
31
The major contribution of OPEC to the Nigerian economy is the
A
provision of social infrastructures
B
granting of subsidies on petroleum products
C
stabilization of oil prices
D
building of refineries
correct option: c
Users' Answers & Comments32
The loading of crude oil at the terminal is an activity in the
A
downstream sector of the oil industry
B
upstream and downstream sector of the oil industry
C
upstream sector of the oil industry
D
midstream and upstream sectors of the oil industry
correct option: b
Users' Answers & Comments33
The short-run average variable cost of a firm will rise owing to
A
the expansion of factory space
B
the building of new warehouse
C
an increase in the cost of labour
D
an increase in the salaries of directors
correct option: c
Users' Answers & Comments34
Firms embark on vertical integration in other to
A
take over markets formally controlled by other firms
B
prevent other firms from entering the market
C
reduce advertisement and management cost
D
enjoy economies of large-scale production
correct option: d
Users' Answers & Comments35
The voting power in co-operative societies is vested on
A
management
B
members without loan
C
shareholders
D
members with the highest contribution
correct option: c
Users' Answers & Comments36
An accurate census figure is an important tool for planners in
A
providing employment
B
siting industries
C
providing social amenities
D
allocating resources
correct option: c
Users' Answers & Comments37
An accurate population census is important in other to
A
produce more food for the growing population
B
provide employment opportunities for the people
C
estimate a country's per capita income
D
fast track industrial development
correct option: d
Users' Answers & Comments38
A major determinant of floating exchange rate is
A
the highest denomination of the currency
B
an Act of the parliament
C
the system of government
D
the forest of demand and supply
correct option: d
Users' Answers & Comments39
If the importation of a commodity is limited to a definite quantity, the trade control measure imposed is
A
excise duties
B
import duties
C
quotas
D
tariff
correct option: c
Users' Answers & Comments40
The main objective of WTO is to
A
ensure adequate protection of infant industries
B
provide a mechanism for tariff reduction
C
assist countries with chronic balance of payments problem
D
assist developing countries to execute developmental projects
correct option: d
Users' Answers & Comments