Question 546:

• JAMB 1981

Which of the following is NOT a major function of a Central Bank?

A. Serving as Goverment''s bank
B. Serving as bankers bank
C. Acceptance of deposit from the public
D. Responsibility for monetary policy
E. Serving as lender of last resort

Question 547:

• JAMB 1981

Summary of product condition in countries i and ii
Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800
From the above table, we can correctly say in respect of international trade that

A. Country I has absolute disadvantage in the production of both cocoa cloth
B. Country I has absolute advantage in the production of both cocoa and cloth
C. Country II has absolute advantage in the production of both cocoa and cloth
D. Country II has comparative advantage in the production of cocoa
E. Country II should leave the production of both cocoa and cloth to country I

Question 548:

• JAMB 1981

The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

A. Industries producing baby food and clothing
B. Industries owned by infants
C. Newly set-up industries
D. Industries in which infants will be taken care of
E. Industries that behave like infants

Question 549:

• JAMB 1981

Invisible trade refers to trade in?

A. Services
B. Goods and services
C. Tangible goods
D. Short-term and long-term capital
E. Goods that cannot be seen

Question 550:

• JAMB 1981

Indirect taxes are taxes?

A. Which are levied on the incomes and profits of individuals and firms
B. Whose incidence always falls on the consumer
C. Which are based on the progressive principle
D. On casinos, airports and capitals gains
E. Which are levied on people and economic units through the goods and services they purchase