Jamb Economics 1982 Past Questions and Answers

Question 31:

• JAMB 1982

A good measure of the standard of living usually used for international comparison is

A. Gross natioal income (GNI)
B. Net national income (NNI)
C. Gross national product (GNP)
D. Gross domestic product (GDP)
E. Per capital income (PCI)

Question 32:

• JAMB 1982

A commodity can be sold for two or more different prices if it is?

A. Produced or sold by oligopoly
B. Sold in perfect market
C. Produce or sold by monopsony
D. Produced or sold by monopoly
E. Produced or sold by perfect competition

Question 33:

• JAMB 1982

The PAYE (Pay As You Earn) in Nigeria is an example of?

A. Indirect tax
B. Progressive tax
C. Regressive tax
D. Community tax
E. Flat rate tax

Question 34:

• JAMB 1982

If income rises from N200.00 to N250.00 and the amount spent on good X falls from N30.00 to N28.00, then good X is?

A. An income elastic good
B. A normal good
C. An inferior good
D. Demand elastic
E. Supply elastic

Question 35:

• JAMB 1982

which is not responsible for the decline in food production in West Africa?

A. Neglect of agriculture by many people
B. Drift of young people rural to urban areas
C. Influence of weather and climate
D. Many of the countries do not balance of payments problems
E. Lack of good prices for agricultural products on the farm