Economics 1978 Jamb Past Questions and Answers

Question 6 :

• JAMB 1978

Inferior goods are referred to in Economics as goods

A. Whose quality is low
B. Consumed by very poor people
C. Whose consumption falls when cunsumers' income rises
D. Which satisfy only the basic needs
E. None of the above

Question 7 :

• JAMB 1978

Malthus became famous through his theory which may be stated simply

A. The death rate may become so high that people may not be able to produce
B. Population may outgrow the means of subsistence
C. People will eventually decide not to have children
D. Migration of people from one place to another may leave some parts of the world barren
E. All of the above

Question 8 :

• JAMB 1978

A commercial bank is unique in that it is the only institution that

A. Makes loans to private people and businessmen
B. Accept deposits
C. Can store peoples' valuables
D. Can transfer money from one place to another for its customers
E. Saves money through the granting of credits

Question 9 :

• JAMB 1978

Which is an example of an invisible item in the trade Account of Ghana?

A. Export of Cocoa from Ghana
B. Import of oil from Nigeria
C. A gift of a Peugout 504 by a firm in Nigeria to a firm in Ghana
D. Payment for shipping and insurance by a Ghanaian company to companies outside Ghana
E. None of the above

Question 10 :

• JAMB 1978

Which is NOT a direct effort to increase Agricultural production in Nigeria?

A. Operation feed the Nation
B. Nigerian Youth Service Corps
C. Increased loans to farmers and cooperatives
D. Research in Agric & Extension services
E. Mechanization of Agriculture