Natural Resources and the Nigerian Economy - Jamb Economics Past Questions and Answers

Question 16:

• JAMB 1998

In many developing countries, infrastructural problems is acute due to the shortage of?

A. Industries and industrial equipment
B. Savings, investment and consumption
C. Natural resources for development
D. Supporting services that encourage economic activities

Question 17:

• JAMB 1998

The petroleum industry in Nigeria is?

A. The sole source of the nation's revenue
B. The oldest industry in the country
C. The mainstay of the economy
D. A factor in the decline in the nation's foreign reserves

Question 18:

• JAMB 1998

Crude petroleum is a good example of a?

A. Lasting asset
B. Wasting asset
C. Synthetic product
D. Costless resources

Question 19:

• JAMB 1999

The first petroleum exploring company to discover crude petroleum in Nigeria was?

A. Mobil
B. Texaco
C. Agip
D. Shell-BP

Question 20:

• JAMB 2000

As a producer' association, the OPEC expects its members to maintain production where marginal cost is?

A. Greater than price
B. Less than price
C. Equal to price
D. Equal to average cost