Question 426:

• JAMB 1978

In order to build up its capital stock, the typical less developed country should ideally

A. Increase total saving
B. Depend on hand-out from foreigners
C. Impose tariff on import
D. Nationalise all foreign concern
E. None of the above

Question 427:

• JAMB 1978

The advantage of sole proprietorship is as follow

A. It is always successful
B. Continuity is no problem
C. Control and supervision is under one man
D. Funds are easy to obtain
E. Inter-generational equity is assured

Question 428:

• JAMB 1978

Which of these should determine, in a planned economy how the factor of production are to be allocated among different production activities

A. Fairness
B. The distribution of income and wealth
C. Public need which is determined by the government
D. Private needs determined by the market
E. The ability of individual to make profit

Question 429:

• JAMB 1978

Which of the following activities of government precludes the existence of a market economy?

A. The imposition of taxes
B. The control of the location of industry
C. The central planning of production
D. The fixing of maximum price for all necessities
E. The establishment of law requiring the registration of business firms

Question 430:

• JAMB 1978

Which of the following is NOT strictly included In the study of economics?

A. The study of wants
B. The study of choice
C. Whether a particular want satisfies a good or bad purpose
D. The study of scarcity
E. The study of substitution