2022 - JAMB Economics Past Questions and Answers - page 4

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.