Question 551:

• JAMB 1981

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

A. Budget deficit
B. Balance budget
C. Budget surplus ‘
D. Budget statement
E. Unfavourable budget.

Question 552:

• JAMB 1981

Which of the following statement is NOT true about agriculture in West Africa?

A. Agriculture employs over 60% of West Africa’s occupied population
B. Agriculture production is the basis for excise taxes in West Africa
C. Many West Africa countries depend on agricultural exports for foreign exchange earnings
D. Agriculture supplies West African industries with raw materials
E. Agriculture provides incomes to West African farmers who engaged in it

Question 553:

• JAMB 1981

The process by which West African countries attempt to reduce the import of manufactured goods by encouraging firms to produce these goods at homes is known as?

A. Industrialization
B. Export-promotion
C. Import-substitution
D. Export--substitution
E. Import-expansion

Question 554:

• JAMB 1981

Economics may be defined as?

A. The study of money and banking
B. The study of markets and prices
C. The study of production and distribution
D. The study of human behaviour in the allocation of scarce resources
E. The study of the employment of labour, land, and capital

Question 555:

• JAMB 1981

Elasticity of demand is given by

A. The prcentage change in quantity demanded divided by the corresponding percentage change in price
B. The percentage change in price divided by the corresponding percentage change in quantity demanded
C. The percentage change in quantity demanded divided by the corresponding price
D. The percentage change in price divided by the corresponding quantity demanded
E. None of the above