Jamb Economics 1978 Past Questions and Answers

Question 36:

• 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 37:

• 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 38:

• 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

Question 39:

• 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 40:

• 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