Jamb Economics 2004 Past Questions and Answers

Question 31:

• JAMB 2004

The difference between payments and receipts for visible trade is called

A. Bilateral trade
B. Current balance
C. Balance of payments
D. Balance of trade

Question 32:

• JAMB 2004

One of the causes of the present high rate of inflation in Nigeria is

A. Increasing budget surplus
B. Increasing factor costs
C. Exchange rate appreciation
D. High capacity utilization

Question 33:

• JAMB 2004

The final stage in the production process of any commodity involves its movement from the

A. Retailer to the wholesaler
B. Producer to the wholesaler
C. Retailer to the consumer
D. Wholesaler to the retailer

Question 34:

• JAMB 2004

A change in demand for a normal good means

A. A shift in the demand curve
B. A change in the price changes
C. A movement along a given demand curve
D. A change in the price elasticity

Question 35:

• JAMB 2004

In order to increase revenue, the seller of a commodity whose demand is fairly elastic is advised to

A. Increase price
B. Reduce output
C. Reduce price
D. Retain price