Jamb Economics 2010 Past Questions and Answers

Question 41:

• JAMB 2010

One of the characteristics of free trade zone is

A. Common tariff against non-member countries
B. Different trade policies of non-member countries
C. Free factor mobility within the zone
D. Harmonized trade among member countries

Question 42:

• JAMB 2010

The primary motive for an individual engaging in production is to

A. Make profit
B. Satisfy basic human wants
C. Redistribute wealth
D. Put inputs into use

Question 43:

• JAMB 2010

If Nigeria imports vehicles from Japan the transaction will appear as a

A. Debit on Japan's balance of payments
B. Credit on Japan's balance of payments
C. Credit on Nigeria's balance of trade
D. Credit on Nigeria's balance of payment

Question 44:

• JAMB 2010

One of the objectives of ADB is to

A. Provide subsidies on imported goods to member countries
B. Mobilize short-term loans for member countries
C. Promote economic and social development of member countries
D. Provide technical assistance to only poor member countries

Question 45:

• JAMB 2010

The choice of the method of production in an economy is determined by the

A. Level of technical know-how
B. Rate of propulation growth
C. Availability of natural resources
D. Level of income