Jamb Economics 2003 Past Questions and Answers

Question 26:

• JAMB 2003

Under a floating exchange rate regime, the determinant of the exchange rate is

A. An Act of the National Assembly
B. The highest denomination of the currency
C. Demand for and supply of foreign goods
D. The system of government

Question 27:

• JAMB 2003

The major objective of a revenue allocation formula in a country is to

A. Share revenue between the different tiers of government
B. Divert revenue from areas of surplus to areas of need
C. Ensures the financial viability of the country
D. Share revenue between the public and private factors

Question 28:

• JAMB 2003

A greater burden of the taxes on essential goods is borne by the

A. Lower income group
B. Higher income group
C. Contract workers
D. Newly recruited workers

Question 29:

• JAMB 2003

Privatization and commercialization of public enterprise in Nigeria is necessitated by

A. The IBRD conditions
B. The government's loss of interest in them
C. Their operational inefficiency
D. The IMF conditions

Question 30:

• JAMB 2003

The effectiveness of devaluation as a solution to a balance of payments problem depends on the

A. Value of visible and invisible goods
B. Value of invisible items of both domestic and foreign trades
C. Relative elasticities of demand and supply of imports and exports
D. Foreign investments of businessmen