Jamb Economics Past Questions and Answers

Question 1811:

• 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 1812:

• 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 1813:

• 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 1814:

• 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 1815:

• 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