Jamb Economics 1999 Past Questions and Answers

Question 26:

• JAMB 1999

When a worker earns more than the wage just sufficient to keep him in his job, the excess income is called?

A. An opportunity cost
B. An economic rent
C. Transfer earnings
D. Surplus value

Question 27:

• JAMB 1999

National income at factor cost means national income at?

A. Current prices
B. Nominal prices
C. Last year prices
D. Base year prices

Question 28:

• JAMB 1999

The value of the multiplier depends on?

A. MPC and level of income
B. Level of personal income
C. Level of personal savings
D. Government policy and MPC

Question 29:

• JAMB 1999

One of the major problems of product distribution in most developing countries is?

A. Lack of storage facilities
B. Large number of middlemen
C. Inadequate manpower
D. Inadequate means of transportation

Question 30:

• JAMB 1999

Non-bank financial intermediaries do not?

A. Provide credit facilities
B. Accept deposits
C. Accept demand deposits
D. Sell shares