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2016 - JAMB Economics Past Questions and Answers - page 2

11

A company's expenditure on raw materials is termed as_______?

A
Prime cost
B
Explicit cost
C
Average cost
D
Implicit cost
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12

Development plans fail in Nigeria mainly because of

A
Corruption and political instability
B
Over-dependence on foreign aid
C
High cost of plan implementation
D
Shortage of personnel
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13

One of the major uses of national income statistics in Nigeria is to

A
Equally distribute national income among citizens
B
Determine the total population
C
Compare population growth among nations
D
Estimate per capita income
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14

The major characteristics of an undeveloped nation is

A
Over-dependence on foreign products
B
Dominance of the industrial sector
C
High per capita income
D
Efficient and sensitive financial sector
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15

Which is of the following is NOT among the financial institutions in Nigeria?

A
Federal Mortgage Bank
B
Microfinance Banks
C
Insurance Banks
D
Federal Ministry of Finance
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16

Given 0.25, 1.25, 1.80, 1.110, 10.20, 10.15 and 1.55.

Determine the range?

A
0.25
B
10.00
C
1.55
D
9.95
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17

One of the problems facing the Nigerian oil and gas industry is____________________?

A
Over-capacity utilization
B
The discovery of alternative oil sources
C
Shortage of indigenous manpower
D
The excess supply of petroleum products
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18

The demand curve faced by a monopolist is_____?

A
Positively sloped
B
Vertical
C
Horizontal
D
Negatively Sloped
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19

The interest charged on loans is determined by the __________?

A
Exchange rate
B
Fiscal policy
C
Risk associated with the loan
D
Rate of production in the country
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20

A country that is over-populated will face the problem of

A
Low birth rate
B
Low per capita income
C
High wage rate
D
Full employment
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