Jamb Economics 2009 Past Questions and Answers

Question 31:

• JAMB 2009

The major reason why countries strive to achieve optimum growth is to

A. Be self-sufficient
B. Raise general living standards
C. Raise the level of production
D. Reduce aggregate expenditure

Question 32:

• JAMB 2009

According to the theory of comparative advantage specialization will result in

A. Labour-intensive method of production
B. Capital-intensive method of production
C. Efficient allocation of resources
D. Efficient distribution of output

Question 33:

• JAMB 2009

Dumping in international trade means selling a goods at a

A. Higher price at home than abroad
B. Lower price at home than abroad
C. Price that equates marginal cost with marginal revenue
D. Price above marginal cost abroad

Question 34:

• JAMB 2009

Guided deregulation as currently practised in Nigeria implies that

A. Market force determine interest and exchange rates
B. Government alone determines interests and exchange rates
C. Market forces and government determine interest and exchange rates
D. Exchange rate is regulated while interest rate is fixed

Question 35:

• JAMB 2009

An important function of the World Bank is to

A. Provide short-run loans to members
B. Encourage trade between members
C. Promote capital-intensive production
D. Provide long-time loans to members