Jamb Economics 1984 Past Questions and Answers

Question 46:

• JAMB 1984

If a person demands money for buying and selling securities. It is referred as demanding money for

A. Transaction purposes
B. Speculative purposes
C. Precautionary purposes
D. Meeting the educational expenses of the children
E. Carrying out gambling activities

Question 47:

• JAMB 1984

One of the advantages of large - scale production is that

A. There is a rise in the cost of administration
B. Consumers sacrifice their individual tastes
C. The firm can use labour - saving machinery
D. The demand for a firm's products become localized
E. Decision making takes a long time because different levels of management are involved

Question 48:

• JAMB 1984

A rightward shift in the production possibility frontier may be due to

A. Use of inferior inputs
B. Inefficiency
C. Improvement in production techniques and practices
D. Changes in the product mix
E. Changes in consumer's tastes and preferences

Question 49:

• JAMB 1984

Let P _x represent the price of exports and P_m the price of imports. Then the terms of trade (TOT) are said to be favourable if

A. \(\frac{Px}{Pm}\)
B. \(\frac{Px}{Pm}\)=1
C. \(\frac{Px}{Pm}\)>1
D. \(\frac{Px}{Pm}\)+1

Question 50:

• JAMB 1984

In the diagram I refers to the calculation of national income through the

A. Expenditure approach
B. Input - Output approach
C. Flows of funds approach
D. Income approach
E. Output approach