Jamb Economics 1978 Past Questions and Answers

Question 31:

• JAMB 1978

Which of these would not be included in the fundamental principle of a free enterprise economy

A. Private ownership of factors of production
B. The right to organize factor for production purposes
C. The right to make private profit
D. Government control of mobility of factor of production
E. Government effort to encourage competitive capitalism within the law of the country

Question 32:

• JAMB 1978

Economics is called a social science because it is

A. A branch of social studies
B. A study of the ways man devises to satisfy his unlimited wants from unlimited resources
C. A dismissal science in the Malthusian sense
D. Governed by scientific law
E. The study of human wants by the means of scientific method of observation

Question 33:

• JAMB 1978

Opportunity cost is a term which describe

A. The initial cost of setting up a business venture
B. Cost of one product in terms of foregone production of others
C. The monetary equivalent of the utility of commodity
D. Cost related to an optimum level of production
E. Implicit cost

Question 34:

• 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 35:

• 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