Jamb Economics 1983 Past Questions and Answers

Question 31:

• JAMB 1983

If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?

A. Land and related factors
B. Abundance of natural resources
C. Level of human capital
D. Technical progress or other factors
E. The discipline of political leadership

Question 32:

• JAMB 1983

A major function of middlemen in Nigeria is the distribution of?

A. Commodities to all consumers regardless of income
B. Commodities to consuming centres and the collection of money income to producing centres
C. Economic welfare to all
D. Wealth to all
E. Poverty within the society

Question 33:

• JAMB 1983

When a government owns enterprises, a number of advantage arise. Which of the following is NOT one of such advantages?

A. More capital is provided
B. Price policy may be the interest of consumers
C. Government workers may be indifferents towards the public
D. Infrasturcture are rapidly developed
E. Income may be more evenly distributed

Question 34:

• JAMB 1983

Which of the following is NOT an advantage of localization of industries?

A. Reaping of external economies
B. Development of a pool or skilled labour for industry
C. Development of subsidiary industries
D. Development of organized markets
E. Growth of conurbations

Question 35:

• JAMB 1983

The monetary system that requires double coincidence of want is known as?

A. The gold standard
B. Barter
C. The commodity system
D. The gold exchange standard
E. The cheque system