Jamb Economics 1994 Past Questions and Answers

Question 41:

• JAMB 1994

The main objective of the Economic Community of West African State is to?

A. Estabilish a West African Development Bank
B. Create a West African army
C. Introduce a common currency for the sub-region
D. Promote the free movement of persons, goods and services within the sub-region

Question 42:

• JAMB 1994

In international trade, shipping and other freight charges are treated as?

A. Invisible items
B. Unilateral transfers
C. Capital transactions
D. Autonomous capital transactions

Question 43:

• JAMB 1994

A situation in which a commodity is sold abroad below its cost of production in the home country is known as?

A. Dumping
B. Counter trade
C. Bilateral trade
D. Trade liberalization

Question 44:

• JAMB 1994

The borrowing rights of a member country of the international Monetary Fund are determined by?

A. The seriousness of the country's economic problems
B. Its balance of payments position
C. Its quota to the fund
D. The size of gold reserve

Question 45:

• JAMB 1994

The diagram represents a production function. At which of the points does diminishing returns set in

A. I
B. J
C. K
D. L