Jamb Economics 1989 Past Questions and Answers

Question 46:

• JAMB 1989

The primary goal of development planning in Nigeria is to?

A. Increase profitability of enterprises
B. Achieve a rapid increase in the welfare and standard of living of Nigerians
C. Increase the level of gross domestic product
D. Make Nigeria a super-power

Question 47:

• JAMB 1989

If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are

A. Complementary goods
B. Substitutes
C. Inferior goods
D. Luxury goods

Question 48:

• JAMB 1989

In the diagram above what happens when the minimum wage is fixed at OW?

A. Unemployment is reduced
B. Unemployment results
C. The demand schedule will shift
D. The supply schedule will become steeper

Question 49:

• JAMB 1989

The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?

A. 400
B. 500
C. 600
D. 700

Question 50:

• JAMB 1989

The amount, N4.08 million, shown as balance in the table represents

A. Terms of payments
B. Balance on current accounts
C. Balance of trade
D. Terms of trade