Jamb Economics 1979 Past Questions and Answers

Question 11:

• JAMB 1979

The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions

A. There are restrictions in trade
B. There are no cost of transportations
C. Ther is perfect competition
D. There are no tariff or import and export quota
E. There are only two countries and only two commodities entering into international trade

Question 12:

• JAMB 1979

Which of the following is not a direct tax?

A. Company income tax
B. Capital tax
C. Purchase tax
D. Personal income tax
E. Capital gain tax

Question 13:

• JAMB 1979

Division of labour means

A. Dividing the labour into different categories
B. Splitting the process of production into different parts to be completed by each person
C. Dividing the goods and services into different sections
D. Assigning different duties to labourers
E. Group of labourers working in a factory or shop

Question 14:

• JAMB 1979

By utility we mean

A. Usefulness
B. Power of satisfying a want
C. Beneficial
D. Advantageous
E. Consumable

Question 15:

• JAMB 1979

Which of the following is not an indirect tax?

A. Excise duty
B. Company tax
C. Import duty
D. Export duty
E. Sales tax