Question 421:

• JAMB 1978

If the consumer demand for product X increases as the price of product Y decreases we can be fairly certain that X

A. X and Y are complementary commodities
B. X and Y are substitute goods
C. X and Y are independent goods
D. X and Y are jointly supplied
E. X and Y are inferior commodities

Question 422:

• JAMB 1978

Which of the following item in the balance of payment of account is an invisible transaction?

A. Import of cars
B. Export of cocoa
C. Export of crude petroleum
D. Tourism
E. Import of building materials

Question 423:

• JAMB 1978

Which of the following is a term used to describe a payment representing a surplus in excess of transfer costs?

A. Interest rates
B. Opportunity costs
C. Economic rent
D. Indirect costs
E. Wages

Question 424:

• JAMB 1978

Less developed countries obtain foreign exchange reserve mainly from the export of

A. Manufactured goods
B. Processed and semi processed commodities
C. Invisible items
D. Primary product
E. All of the above

Question 425:

• JAMB 1978

By ‘trade by barter’, we mean

A. Trade done by people in the village
B. Exchange of goods for money
C. International trade
D. Exchange of goods for goods
E. The trade of the middle ages