Jamb Economics 2007 Past Questions and Answers

Question 16:

• JAMB 2007

A continuous increase in national income accompanied by the structural transformation of all indices is called

A. Economic planning
B. Economic growth
C. Economic reforms
D. Economic development

Question 17:

• JAMB 2007

In a developing economy, productivity is measured by the

A. Capital-output ratio
B. Output growth rate
C. Output-labour ratio
D. Output per capita

Question 18:

• JAMB 2007

The gains from international trade are shared on the basis of the

A. Quantity produced of each of the traded goods
B. Cost of production of each of the traded goods
C. Terms of trade
D. Bilateral trade agreements

Question 19:

• JAMB 2007

One of the ways of correcting a deficit balance of payments is to

A. Revalue a country's currency
B. Devalue a country's currency
C. Increase imports
D. Reduce exports

Question 20:

• JAMB 2007

The main objective of WTO is to

A. Help countries with chronic balance of payments problems
B. Help debtor nations solve their problems
C. Ensure adequate tariff protection for infant industries
D. Provide a mechanism for tariff reductions