Jamb Economics 1995 Past Questions and Answers

Question 31:

• JAMB 1995

When compared with a labour-intensive industry, a capital-intensive industry employs more?

A. Workers than capital
B. Workers than machinery
C. Raw materials than capital
D. Machinery than workers

Question 32:

• JAMB 1995

The major source of Nigeria's foreign exchange is the export of?

A. Skilled manpower
B. Palm kernel and cocoa
C. Crude oil
D. Groundnuts and cotton

Question 33:

• JAMB 1995

The most important goal of OPEC is to?

A. Present a united front for the purpose of raising the price of crude oil
B. Bring unity among the petroleum exporting states
C. Ensuring political stability among member states
D. Ensure that rules on quota producion are strictly followed

Question 34:

• JAMB 1995

the Central Bank's expansionary monetary policy is justified at a period?

A. When the inflation rate is high and the economic is experiencing a boom
B. Of economic depression accompanied by low capacity utilization
C. When trade unions are clamouring for higher wages
D. When price of crude petroleum is rising

Question 35:

• JAMB 1995

The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?

A. Ban on importation of foreign goods
B. Population upsurge
C. The introduction of value-added tax
D. Increase in transport costs