Jamb Economics 2003 Past Questions and Answers

Question 46:

• JAMB 2003

If the country is currently producing at point Y, it can increase production of producer goods by moving to the point

A. V
B. W
C. X
D. Z

Question 47:

• JAMB 2003

In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility

A. 3y and 3x
B. 6y and 4x
C. 3y and 6x
D. 5y and 5x

Question 48:

• JAMB 2003

The best method of production in an under populated country is

A. Labour-extensive
B. Land-intensive
C. Capital-intensive
D. Labour-intensive

Question 49:

• JAMB 2003

The commercial banks differ from non-bank financial institutions because they

A. Accept deposits withdrawable by cheque
B. Mobilize savings
C. Invest surplus funds
D. Contribute to economic development

Question 50:

• JAMB 2003

If Nigeria's composite price index in 1999 was 140.03% in 2000, the rate of inflation in 2000 was

A. 4.02%
B. 2.10%
C. 2.06%
D. 1.03%