Jamb Economics 1991 Past Questions and Answers

Question 41:

• JAMB 1991

The age distribution of a country's population is of economic importance because it affects the?

A. Pattern of expenditure
B. Size of the army
C. Optimum size of firms
D. Location of industries

Question 42:

• JAMB 1991

It is important to measure the National Income of a country because?

A. It is a major determinant of the standard of living
B. It reveals hazards of development like pollution and congestion
C. It reveals the distribution of the citizen's savings in foreign banks
D. Its size determines the extent of political stability

Question 43:

• JAMB 1991

The Gross Domestic Product is defined as the total value of?

A. All final goods and services produced in a country during the year
B. All assets of a country in a particular year
C. Exports net of total value of imports
D. All receipts

Question 44:

• JAMB 1991

In the national income and product accounts, double counting is avoided if?

A. Only final goods counted
B. Only intermediate goods are counted
C. Only intermediate and final goods are counted
D. The value of all goods and services are added together

Question 45:

• JAMB 1991

If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?

A. W -P - R - Z
B. W + P + Z - R
C. P - R - Z + W
D. W + P + R + Z