Jamb Economics 1978 Past Questions and Answers

Question 21:

• JAMB 1978

The biggest source of government revenue in Nigeria is

A. Mining, rents and royalties
B. Company income tax
C. Import duties
D. Export duties
E. Petroleum profit tax

Question 22:

• JAMB 1978

An increase in liquid reserve requirements by the central bank of Nigeria will result in

A. A reduction in commercial banks' excess reserves
B. More commercial bank loan to members of the public
C. An increase in commercial banks excess reserves
D. No change in commercial banks excess reserves
E. A reduction in central banks gold reserves

Question 23:

• JAMB 1978

A distinguishing characteristics of a consumers' cooperative is the fact that

A. The customers are the owners
B. The customers are the workers
C. The customers are the managers
D. The customers are low income people
E. The customers are high income people

Question 24:

• JAMB 1978

Disposable income is the same thing as

A. Personal income minus personal savings
B. Personal inome minus taxes
C. National income minus depriciation
D. Exports minus imports
E. Savings plus investments

Question 25:

• JAMB 1978

Marginal cost is

A. Lowest cost of producing goods
B. The cost of production of the most efficient firm in the industry
C. Cost of production of the most inefficient firm in the industry
D. The cost of production of the last or extra unit of goods produced by a firm
E. The cost of production at which the minimum profit is obtained by a firm