Jamb Economics 2014 Past Questions and Answers

Question 16:

• JAMB 2014

The loading of crude oil at the terminal is an activity in the

A. Downstream sector of the oil industry
B. Upstream and downstream sector of the oil industry
C. Upstream sector of the oil industry
D. Midstream and upstream sectors of the oil industry

Question 17:

• JAMB 2014

The short-run average variable cost of a firm will rise owing to

A. The expansion of factory space
B. The building of new warehouse
C. An increase in the cost of labour
D. An increase in the salaries of directors

Question 18:

• JAMB 2014

Firms embark on vertical integration in other to

A. Take over markets formally controlled by other firms
B. Prevent other firms from entering the market
C. Reduce advertisement and management cost
D. Enjoy economies of large-scale production

Question 19:

• JAMB 2014

The voting power in co-operative societies is vested on

A. Management
B. Members without loan
C. Shareholders
D. Members with the highest contribution

Question 20:

• JAMB 2014

An important role of agriculture in Nigeria's economic development is the

A. Processing of raw materials for industries
B. Regulation of price system
C. Provision of infrastructure
D. Provision of employment