Jamb Economics 1994 Past Questions and Answers

Question 26:

• JAMB 1994

What is the term used to describe a policy aimed at promoting the local production of goods which are usually imported?

A. Deregulation
B. Import substitution
C. Tariff reduction
D. Backward integration

Question 27:

• JAMB 1994

Labour-intensive strategy of industrialization emphasizes the use of?

A. Steam energy in the process of production
B. Manual method of production
C. Synthetic raw materials
D. Hydro-electric power

Question 28:

• JAMB 1994

Petroleum is the mainstay of the Nigerian economy because it is the?

A. Main foreign exchange earner
B. Greatest employer of labour
C. Greatests contributor to the growth of agriculture
D. Source of high income for its workers

Question 29:

• JAMB 1994

An indigenous company wholly owned by the federal government of Nigeria which currently engaged in prospecting for oil is?

A. The Nigerian National Oil Company
B. Peak Petroleum Industries Nigeria Limited
C. Nigeria Exploration and Production Company
D. The Nigeria National Petroleum Corporation

Question 30:

• JAMB 1994

An increase in both the legal reserve ratio and discount rate has the effect of?

A. Increasing the quantity of money in circulation
B. Decreasing the quantity of money in circulation
C. Increasing the value of money
D. Decreasing the value of money