Jamb Economics 1981 Past Questions and Answers

Question 26:

• JAMB 1981

Prohibiting the sale of lace materials in Nigeria would probably lead to?

A. Increase supply of lace material in Nigeria
B. Production of better quality lace abroad
C. Lower price of lace material in Nigeria
D. Higher price of lace material in Nigeria
E. Increase income to all dealers of lace materials in Nigeria

Question 27:

• JAMB 1981

Which of the following is NOT a visible item on international trade payment?

A. Payment for imported cars
B. Receipt from cocoa exports
C. Payments to foreign shipping companies
D. Payments for steel imports
E. Payment for petroleum imports

Question 28:

• JAMB 1981

Given the international trade statistics of Nigeria for the past 6 years, which of these statements would you consider to be correct?

A. The value of industrial exports is declining
B. The value of industrial imports is constant
C. The share of agricultural exports is increasing
D. The share of agricultural export is decreasing
E. The value of mineral export is declining

Question 29:

• JAMB 1981

The most basic concern of economists is to?

A. Create human wants
B. Satisfy all human want
C. Redistribute income so that it is used correctly
D. Create perfect competition
E. Study ways of allocating scarce resources in order to satisfy human wants

Question 30:

• JAMB 1981

Which of these statement is NOT true of economics as a discipline?

A. It is a social science
B. It is analytical
C. It is concerned with people's material well-being
D. It assumes limited human wants
E. It assumes unlimited human resources