Question 501:

• JAMB 1980

The budget of Nigeria will be deficit if

A. Revenue expenditure exceeds the revenue receipts
B. Capital expenditure exceeds the capital receipts
C. Revenue and capital receipts exceeds revenue and capital receipts
D. The government is spending more than its receipts
E. All of the above

Question 502:

• JAMB 1980

An economic problem arises when?

A. Manufactured goods are in short supply
B. Money is in short supply
C. Buyers are many
D. Sellers are few
E. Scarcity and choice are involved

Question 503:

• JAMB 1980

By subsistence production we mean?

A. Goods and services are produced for consumption only
B. Goods and services are sold to others
C. Raw materials are produced in the country
D. Goods and services are produced for the market
E. None of these

Question 504:

• JAMB 1980

Division of labour means?

A. The labour is divided into different section
B. The work is divided into different parts to be completed by each labour
C. Production is completed by the different department of a factory
D. Commodities are produced at different times by a single labourer
E. The labour force in the country is not united

Question 505:

• JAMB 1980

A limited liability company is owned by?

A. An individual
B. Two or more partners
C. Shareholders
D. Government
E. A bank