2022 - JAMB Economics Past Questions and Answers - page 4
The type of unemployment found among workers who leave their jobs in search of other jobs is termed
seasonal unemployment
structural unemployment
frictional unemployment
cyclical unemployment
Option C is the correct answer.
A person experiences frictional unemployment when they are between jobs. It is also a form of unemployment when job searchers look for employment while employers look for staff or workers.
The main objective of marketing boards is to
accumulate revenue for government
educate farmers on pricing of cash crops
stabilize the incomes of cash crop farmers
provide warehousing facilities
Option C is the correct answer.
Most marketing boards are established with the primary goal of stabilizing producer prices, especially for products intended for export markets that experience extreme price volatility.
The point x inside the PPC indicate?
resources are fully utilized
the country is poor
some resources are idle
resources are not available
Option C is the correct answer.
If point X lies within the PPC, it means that resources are not being fully utilized and are, in fact, either idle or underemployed.
Which of the following industries will add more value to primary products?
Service industry
Construction industry
Mining industry
Processing industry
Option C is the correct answer.
Industries that involve the extraction or cultivation of raw materials, such as agriculture, fishing, mining, and forestry, produce primary products. These goods do not undergo any manufacturing process and include commodities like oil, water, fish, fruit, crops, and wood.
Gross National Product (GNP) less the provision for the wear and tear of assets is the
net present value
net national product
net factor income
net indirect taxes
Option B is the correct answer.
To calculate Net National Product, subtract depreciation, also known as capital consumption allowance, from Gross National Product. In other words, NNP = GNP - Depreciation.
An example of transfer payments in national income accounting is
money transferred to another country
unemployment allowance paid to the citizens
the amount paid to a worker on transfer
transfer of funds from one bank to another
Option B is the correct answer.
Transfer payments refer to receipts that do not stem from participation in productive activities within the economy, but instead represent transfers of funds from one party to another. Examples of transfer payments include pensions, bursaries, awards, gifts, and unemployment benefits. When computing or estimating national income, transfer payments are not included.
Increasing national income without effective control of population size in a country can lead to
higher per capita income
increase in poverty
increased outflow of aid
underutilization of resources
Option D is the correct answer.
If a country experiences a rise in national income but fails to effectively manage population growth, it may result in underutilization of resources within that country.
An example of commodity money is
currency note
mobile money
cheques
silver
Option D is the correct answer.
Commodity money refers to money that possesses value both as currency and as a commodity, examples of which include gold, silver coins, diamonds, cattle, beads, and other similar items.
If inflation is anticipated, people may
save more money
spend more money
give out more loans
spend less money
Option B is the correct answer.
Anticipated inflation arises when individuals are aware that inflation is imminent and take steps to prepare for it, such as by increasing interest rates.
If the Central Bank increases its bank rate
many banks will shut down their operations
customers will borrow more from banks
the supply of money may be reduced
interest charges by banks will fall
Option C is the correct answer.
An increase in the bank rate will cause commercial banks to raise their interest charges, leading to a reduction in borrowing by the general public and a decrease in the money supply due to the high interest rate.