Jamb Economics 1980 Past Questions and Answers

Question 11:

• JAMB 1980

By balance of visible trade we mean?

A. Import and export of goods
B. Import and export of service
C. Balance of current account in the balance of payment
D. Balance of capital account in the baalance of payment
E. All of this

Question 12:

• JAMB 1980

Nigeria earns the major part of her foreign exchange from the export of?

A. Manpower to another countries
B. Crude oil
C. Petroleum products
D. Groundnuts and cotton
E. Palm oil and cocoa

Question 13:

• JAMB 1980

Which would you NOT consider an advantage of one-man business?

A. Freedom of action
B. Limited liabiities
C. Quick decision-making
D. Personal contact with customers
E. None o the albove

Question 14:

• JAMB 1980

The budget of Nigeria will be deficit if

A. Revenue expenditure exceeds the revenue receipts
B. Capital expenditure exceeds the capital receipts
C. Revenue and capital receipts exceeds revenue and capital receipts
D. The government is spending more than its receipts
E. All of the above

Question 15:

• JAMB 1980

An economic problem arises when?

A. Manufactured goods are in short supply
B. Money is in short supply
C. Buyers are many
D. Sellers are few
E. Scarcity and choice are involved