Jamb Economics 2000 Past Questions and Answers

Question 36:

• JAMB 2000

An aspect of taxation that involves normative economics is the?

A. ]tax rate
B. Effect on incentive to work
C. Fairness of the tax
D. Tax burden

Question 37:

• JAMB 2000

Public debt is composed of?

A. Internal debts and World Bank loans
B. Money owed to local and foreign contractors
C. Internal and external debts
D. Loans granted by IMF and ADB

Question 38:

• JAMB 2000

A country exporting mainly primary products and with a high percentage of her labour force in agriculture is said to be?

A. Developing
B. Developed
C. Poor
D. Underdeveloped

Question 39:

• JAMB 2000

A country's import price index by 1995 was 50 and her index of export price was 70. Calculate the terms of trade?

A. 20%
B. 71%
C. 120%
D. 140%

Question 40:

• JAMB 2000

If the United Kingdom buys gold for $60 an ounce and Nigeria buys the same ounce for N500, what will be United Kingdom's exchange rate with Nigeria?

A. $0.05 = N1.00
B. $0.06 =N1.00
C. $0.11 =N1.00
D. $0.12 =N1.00