Question 221:

• JAMB 2016

Localization of industry is encouraged because of

A. Low interest charges on loans
B. High standard of living
C. Low foreign exchange rate
D. Improvements in infrastructure

Question 222:

• JAMB 2016

A company's expenditure on raw materials is termed as_______?

A. Prime cost
B. Explicit cost
C. Average cost
D. Implicit cost

Question 223:

• JAMB 2016

\(\begin{array}{c|c}
Price (N) & 20 & 16 \\
\hline
\text{Quantity demanded} & 100 & 58
\end{array}\)
From the table above, the elasticity of supply is_____?

A. Inelastic supply
B. Perfectly elastic
C. Elastic supply
D. Unitary elastic

Question 224:

• JAMB 2016

Which of the following can cause oil glut in the International market?

A. Excess demand over supply
B. Under- capacity utilization
C. Excess supply over demand
D. Economic boom

Question 225:

• JAMB 2016

Population growth is determined by_______?

A. Dependency ratio
B. Labour force
C. Per capita
D. Net migration