Jamb Economics 1981 Past Questions and Answers

Question 6:

• JAMB 1981

Money becomes a very poor store of value in a period of

A. Deflation
B. Stable prices
C. Recession
D. Inflation
E. Harvest

Question 7:

• JAMB 1981

Government in West Africa countries engage in running a number of enterprises because ?

A. Large amount of capital are needed and key industries should not be left in private hands
B. Private capital would not established an adequate infrastructure
C. It brings about a more even distribution of the country’s wealth
D. The social costs of some enterprises make the government the most suitable body to set them up
E. All of the above

Question 8:

• JAMB 1981

The function of money as a standard of deferred payments

A. Make possible for an individual to build up store of many things for future use
B. Makes it possible for payment to be postponed from the present to a future date
C. Facilitate the exchange of goods
D. Makes easy calculations possible
E. None of the above

Question 9:

• JAMB 1981

Which of the following is NOT a major function of a Central Bank?

A. Serving as Goverment''s bank
B. Serving as bankers bank
C. Acceptance of deposit from the public
D. Responsibility for monetary policy
E. Serving as lender of last resort

Question 10:

• JAMB 1981

Summary of product condition in countries i and ii
Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800
From the above table, we can correctly say in respect of international trade that

A. Country I has absolute disadvantage in the production of both cocoa cloth
B. Country I has absolute advantage in the production of both cocoa and cloth
C. Country II has absolute advantage in the production of both cocoa and cloth
D. Country II has comparative advantage in the production of cocoa
E. Country II should leave the production of both cocoa and cloth to country I