Jamb Economics 1980 Past Questions and Answers

Question 41:

• JAMB 1980

Indicate which of the following are invisible trade items in a country’s balance of payments?

A. Oil exports and imports
B. Gold and foreign reserves
C. Foreign investment
D. Dividends and profit
E. Expenditure on the shipping and tourism

Question 42:

• JAMB 1980

Which of the following is NOT a measure for controlling inflation?

A. Reduction in money supply
B. Wage restraint and wage freeze
C. Reduction in taxes and increase in government spending
D. Price control
E. Credit restriction

Question 43:

• JAMB 1980

Which of the following is NOT a determinant of changes in supply?

A. Changes in the cost of production
B. Technical progress
C. Weather
D. Changes in the number of producers
E. Changes in the number buyers

Question 44:

• JAMB 1980

The marginal physical product of labour is?

A. The out put of labour unaided by machinery
B. The extra revenue from the output of one additional woker
C. The difference in the output of two workers
D. Additional output achieved when one extraworker is added to fixed account of other factors
E. None of the above

Question 45:

• JAMB 1980

One of the disadvantages of division of labour is that?

A. There is saving of time
B. It result in workers acquiring greater skill at their jobs
C. There is a greater risk of unemployment
D. It makes possible the use of machinery
E. It makes the worker less fatigued by his work