Jamb Economics 1999 Past Questions and Answers

Question 21:

• JAMB 1999

The first petroleum exploring company to discover crude petroleum in Nigeria was?

A. Mobil
B. Texaco
C. Agip
D. Shell-BP

Question 22:

• JAMB 1999

Concentrating industries in one place is advantageous because there are gains in terms of?

A. External economies
B. Internal economies
C. Economies of scale
D. Cost economies

Question 23:

• JAMB 1999

Import substitution industrialization refers to?

A. The concentration of industries for even regional development
B. Setting up of industries for even development
C. A situation in which local industries are set up to produce goods formerly imported
D. The banning of imports which are subtitutes for domestically produce goods

Question 24:

• JAMB 1999

An entrepreneur will continue to employ labour up to a point where?

A. Costs are minimized
B. Maximized efficiency is attained
C. Wages are equal to marginal product of labour
D. Marginal product of labour is equal to zero

Question 25:

• JAMB 1999

Optimum population is defined as the level of population at which?

A. Per capital output is maximized
B. Population is neither increasing nor decreasing
C. Total national income is maximized
D. Marginal efficiency of population is maximized