2021 - JAMB Economics Past Questions and Answers - page 2

11

Palm oil industry is located in Old Bendel State because the state______

A
Land is suitable for oil
B
Is a palm tree growing area
C
Soil is unsuitable for other crops
D
Imports raw materials for palm oil industry
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12

Which of the following sets fully represents factors of production?

A
Sunlight, machinery, man, land
B
Land, water, weather
C
Money, market, middlemen
D
Land, labour, capital, enterprise, technology
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13

Which of the following countries is not a member of the Economic Community of West African States?

A
Sudan
B
Gambia
C
Togo
D
Nigeria
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14

Oligopoly means _________

A
single buyer in the market.
B
few buyers in the market.
C
few sellers in the market
D
[]
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15

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products Nigeria Austria
Cocoa 20 tonnes 12 tonnes
Lace 1o metres 8 metres

The Opportunity cost ratio tor cocoa and lace Tor Austria and Nigeria is_______

A
1.5:2
B
2:2
C
2:1.5
D
0.5:1.5
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16

Use the table below to answer the question below;

The international production set for Nigeria and Austria is;

Products Nigeria Austria
Cocoa 20 tonnes 12 tonnes
Lace 1o metres 8 metres

From the table, it can be deduced that_______

A
Nigeria should produce cocoa and lace
B
Nigeria can benefit from producing lace only
C
Austria should produce lace and Nigeria should produce cocoa
D
Austria should produce cocoa and lace
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17

The PAYE ( Pay As You Earn) in Nigeria is an example of ______

A
Flat rate Tax
B
Community tax
C
Regressive tax
D
Progressive tax
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18

A good measure of the standard of living usually used for international comparison is_______

A
Per capita income (PCI)
B
Gross national product (GND)
C
Net national income (NNI)
D
Gross domestic product (GDP)
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19

What is the most important factor influencing the location of the iron and steel industry at Ajaokuta?

A
Availability of labour in the area
B
Availability of power
C
Nearness of raw material
D
Access to transport facilities
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20

The Power Holding Company of Nigeria (PHCN) is a ________

A
Public limited company
B
Private authority
C
Public Corporation
D
Public Liability company
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