Question 601:

• JAMB 1982

The difference between visible exports and invisible exports of a country, in money terms, is known as the?

A. Balance of trade
B. Balance of payments
C. Terms of trade
D. Foreign reserves
E. Special drawing right

Question 602:

• JAMB 1982

The main economic goal of ECOWAS is the attainment of ?

A. Regional free trade
B. Multilateral trade
C. Bilateral trade
D. Economic self-reliance
E. The economic emancipation of Africa

Question 603:

• JAMB 1982

Taxes which are levied on a person’s expenditures are known as?

A. Purchase tax
B. Sales tax
C. Direct tax
D. Poll tax
E. Income tax

Question 604:

• JAMB 1982

some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?

A. Development projects
B. Infrastructural facilities
C. Monoculture
D. Capital investment
E. Superstructure

Question 605:

• JAMB 1982

The equilibrium market price is determined at a point where?

A. Consumers can buy all they desire
B. Sellers can dispose of all their wares
C. The price is moderate
D. Quantity consumers desires equal quantity sellers offer
E. Sellers and buyers are not quarrelling