Jamb Economics 2002 Past Questions and Answers

Question 31:

• JAMB 2002

The effect of an increase in demand for a commodity accompanied by a decrease in supply will be to?

A. Raise the price of the commodity and affect the quantity in an indeterminate way
B. Decrease the equilibrium quantity and affect the price in an intermediate way
C. Raise its price as well as the equilibrium quantity
D. Lower it price while affecting the equilibrium quantity in an interminate way

Question 32:

• JAMB 2002

External finance for a limited liability company is mainly sourced through?

A. The leasing equipment
B. The issuing of shares
C. Trade credits
D. Banks loans

Question 33:

• JAMB 2002

Some of the key indicators of underdevelopment in a country are?

A. Poverty, high level of literacy and low income
B. Poverty, low level of literacy and low income
C. Low level of illiteracy, low income and poverty
D. Poverty, low incoe and low unemployment level

Question 34:

• JAMB 2002

One of the roles of NNPC in the production and refining of crude oil is to?

A. Secure maximum government revenue and regulate price
B. Prevent the smuggling of petroleum products
C. Satisfy the domestic consumption of petroleum products
D. Protect the local operators in the petroleum industry

Question 35:

• JAMB 2002

One way of correcting the balance of payments problem of a country is to?

A. Introduce import-promotion measures
B. Buy investments abroad
C. Devalue the currency
D. De-emphasize import-substitution industries