Jamb 2014 Economics Past Questions And Answers
1
A major disadvantage of localization of industry is
- A. the risk of structural unemployment
- B. over-utilization of installed industrial capacity
- C. the risk of seasonal unemployment
- D. under-utilization of installed industrial capacity
2
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
3
One major factor that determines the location of an industry is
- A. tax exemption grant
- B. its proximity to the market
- C. the capital base
- D. the social responsibility of the firm
4
The voting power in co-operative societies is vested on
- A. management
- B. members without loan
- C. shareholders
- D. members with the highest contribution
5
A rightward shift of the budget line is caused by a
- A. fall in consumer income
- B. change in consumer taste
- C. fall in the commodity relative price
- D. rise in the consumer income
6
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
7
In capitalist economies, questions about what to produce are ultimately answered by
- A. income level of households
- B. available technical skills in the economy
- C. output decisions of firms
- D. holding decision of households
8
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
9
Wage freeze is a policy measure aimed at
- A. encouraging investors
- B. curbing inflation
- C. regulating standard of living
- D. curbing deflation
10
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