Jamb Economics 2001 Past Questions and Answers

Question 46:

• JAMB 2001

GNP is not a good measure of social welfare because there are unrecorded?

A. Indirect taxes
B. Social costs
C. Government subsidies
D. Transfer payments

Question 47:

• JAMB 2001

The loans from the World Bank to developing countries are mainly to support?

A. The establishment of more universities
B. Capital-intensive technology
C. Infrastructural investments
D. Their low level of consumption

Question 48:

• JAMB 2001

The major reason why nations engage in international trade is that?

A. It allows free movement of factors of production
B. It makes possible the use of capital-intensive method of production
C. Nations are substantially different in their endowments of economic resources
D. It affords the trading nations the opportunity to earn high profit

Question 49:

• JAMB 2001

A country with over-valued currency will?

A. Expect balance of payments surplus
B. Have increased demand forthe exports
C. Increase her foreign reserve
D. Decreased her foreign reserve

Question 50:

• JAMB 2001

The diagram shows the total utility curve. At the point M, marginal utility

A. Increases
B. Is unity
C. Diminishes
D. Is zero