Jamb Economics 1981 Past Questions and Answers

Question 11:

• JAMB 1981

The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect

A. Industries producing baby food and clothing
B. Industries owned by infants
C. Newly set-up industries
D. Industries in which infants will be taken care of
E. Industries that behave like infants

Question 12:

• JAMB 1981

Invisible trade refers to trade in?

A. Services
B. Goods and services
C. Tangible goods
D. Short-term and long-term capital
E. Goods that cannot be seen

Question 13:

• JAMB 1981

Indirect taxes are taxes?

A. Which are levied on the incomes and profits of individuals and firms
B. Whose incidence always falls on the consumer
C. Which are based on the progressive principle
D. On casinos, airports and capitals gains
E. Which are levied on people and economic units through the goods and services they purchase

Question 14:

• JAMB 1981

The situation whereby in a fiscal year a government’s revenue receipt are less than its expenditures is referred to as?

A. Budget deficit
B. Balance budget
C. Budget surplus ‘
D. Budget statement
E. Unfavourable budget.

Question 15:

• JAMB 1981

Which of the following statement is NOT true about agriculture in West Africa?

A. Agriculture employs over 60% of West Africa’s occupied population
B. Agriculture production is the basis for excise taxes in West Africa
C. Many West Africa countries depend on agricultural exports for foreign exchange earnings
D. Agriculture supplies West African industries with raw materials
E. Agriculture provides incomes to West African farmers who engaged in it