Jamb Economics 1979 Past Questions and Answers

Question 21:

• JAMB 1979

If the quantity demanded of a commodity increases from 20 to 30 when there is an increase in price from N4 to N5, the elasticity of demand is

A. Zero
B. 1
C. 2
D. 5
E. 10

Question 22:

• JAMB 1979

The total value of goods and services sold and bought in a country across its border during a given period, usually a year is known as

A. Visible trade
B. Invisible trade
C. Balance of payments
D. Balance of trade
E. Terms of trade

Question 23:

• JAMB 1979

Which of the following type of capital is not rewarded by means of dividends?

A. Ordinary shares
B. Preference shares
C. Cummulative shares
D. Participating preference shares
E. Debentures

Question 24:

• JAMB 1979

Which of these is not usually the function of a wholesaler?

A. Transport
B. Storage
C. Advertising
D. After-sale services
E. Branding

Question 25:

• JAMB 1979

Net national income is

A. Gross national income minus depreciation
B. Gross domestic product plus net income from abroad
C. Nominal national income divided by the price level
D. Gross national income divided by the total population
E. Gross national product plus subsidies minus indirect taxes