Jamb Economics 2003 Past Questions and Answers

Question 31:

• JAMB 2003

Statutory organisations usually established by Acts of Parliament are called

A. Public corporations
B. Cooperative societies
C. Joint-stock companies
D. Public enterprises

Question 32:

• JAMB 2003

The effect of an increase in the personal income tax is to

A. Reduce unemployment
B. Raise the absolute price level
C. Reduce the disposable income
D. Distort the economy

Question 33:

• JAMB 2003

IBRD as an international monetary institution is concerned with the

A. Improvement of trade among member nations
B. Development of infrastructure in member nations
C. Balance of payments problems of member nations
D. Financing of private businesses in member nations

Question 34:

• JAMB 2003

To compare the standard of living among nations, the most widely used economic indicator is the

A. Real gross national income
B. Real domestic output
C. Real per capita income
D. Per capita nominal income

Question 35:

• JAMB 2003

The major role of multi-national companies in the petroleum industry in Nigeria is

A. The establishment of refineries
B. Oil marketing and prospecting
C. Oil marketing only
D. Oil prospecting only