Jamb Economics 1983 Past Questions and Answers

Question 21:

• JAMB 1983

Division of labour has many advantages . Not withstanding, it is greatly limited by?

A. Monotony of work
B. Decline of craftmanship
C. Risk of unemployment
D. Extent of market demand
E. Boredom

Question 22:

• JAMB 1983

In the event of a limited liability company going into liquidation each

A. Shareholder may lose the maximum of the amount he has invested
B. Shareholder loses nothing
C. Shareholders loses everything including his house
D. Shareholder''s liability becomes unlimited
E. Shareholder will lose the amount he has invested plus a proportion of his bank account

Question 23:

• JAMB 1983

A greater burden of the taxes on essential goods is borne by the?

A. Middle income group
B. Higher income group
C. Lower income group
D. People falling between the middle and higher income groups
E. Top few richest people of the country

Question 24:

• JAMB 1983

Comparative cost doctrine of international trade means specialization in production

A. According to absolute cost advantage
B. According to absolute cost disadvantage
C. According to comparative cost disadvantage
D. According to comparative cost advantage
E. On the basis of the availability of labour

Question 25:

• JAMB 1983

The meaning of 'Dumping' is selling goods in a foreign market

A. At a low price that recieved in the home market
B. At a price higher than that recieved in the foreign market
C. At a price equal to the cost price in the home market
D. In order to encourage indigenous producers
E. At a price equal to the selling price in the home market