Jamb Economics 1984 Past Questions and Answers

Question 41:

• JAMB 1984

In the diagram, the supply curve So So shifts to a new position S₁ S₁ to indicate

A. A drop in supply
B. A rise in supply
C. A supply- push inflation
D. A stable supply curve
E. An increase in quantity supplied

Question 42:

• JAMB 1984

The table above shows the short-run costs of a firm. What is the firm's marginal cost for the third item produced?

A. N350.00
B. N340.00
C. 360.00
D. 370.00
E. 55.00

Question 43:

• JAMB 1984

The diagram illustrates

A. The circular flow of income
B. Gross national product plus depreciation
C. Incomes of the private sector
D. The profit of business enterprises
E. The output approach to national income determination

Question 44:

• JAMB 1984

Given the present state of the Nigerian economy, which of the following measures will promote a more rapid economic development?

A. Complete dependence on oil exports
B. Concentration on agricultural exports
C. Diversification of the economy
D. Building of more schools and universities
E. Introduction of nuclear energy in Nigeria

Question 45:

• JAMB 1984

An improvement in Nigeria's terms of trade should

A. Lead to a fall in cost of her imports in terms of what she must sacrifice to obtain them
B. Make made in Nigeria goods cheaper to buy
C. Increase Nigeria's domestic output of commodities
D. Lead to an increase in her exchange rates
E. Lead to an increase in Nigeria's exports of petroleum