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The infant industry argument for protection in developing countries recognizes the needs to employ tariffs to protect
AIndustries producing baby food and clothing
BIndustries owned by infants
CNewly set-up industries
DIndustries in which infants will be taken care of
EIndustries that behave like infants
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Question 1192
jamb1981
Summary of product condition in countries i and ii
Amount of labour days, cocoa(tons) Cloth(tons)
Country i 200 600 900
country ii 200 300 800
From the above table, we can correctly say in respect of international trade that
ACountry I has absolute disadvantage in the production of both cocoa cloth
BCountry I has absolute advantage in the production of both cocoa and cloth
CCountry II has absolute advantage in the production of both cocoa and cloth
DCountry II has comparative advantage in the production of cocoa
ECountry II should leave the production of both cocoa and cloth to country I
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Question 1193
jamb1981
Which of the following is NOT a major function of a Central Bank?
AServing as Goverment''s bank
BServing as bankers bank
CAcceptance of deposit from the public
DResponsibility for monetary policy
EServing as lender of last resort
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Question 1194
jamb1981
The function of money as a standard of deferred payments
AMake possible for an individual to build up store of many things for future use
BMakes it possible for payment to be postponed from the present to a future date
CFacilitate the exchange of goods
DMakes easy calculations possible
ENone of the above
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Question 1195
jamb1981
Government in West Africa countries engage in running a number of enterprises because ?
ALarge amount of capital are needed and key industries should not be left in private hands
BPrivate capital would not established an adequate infrastructure
CIt brings about a more even distribution of the country’s wealth
DThe social costs of some enterprises make the government the most suitable body to set them up
EAll of the above
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Question 1196
jamb1981
Money becomes a very poor store of value in a period of
ADeflation
BStable prices
CRecession
DInflation
EHarvest
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Question 1197
jamb1981
Which of the following is NOT true about specialization or division of labour?
ASpecialization and exchange go hand in hand
BSpecialization implies that each person produces a surplus of one or a few items (e.g commodities) n which he is specialized
CDivision of labour needs not take account of the extent of the market
DDivision of labour results in increased productivity
EDivision of labour involves the danger of unemployment
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Question 1198
jamb1981
Two goods, X and Y, are said to be complementary when?
AA fall in the price of X raises the demand for Y
BA fall in the price of X causes a fall in the demand for Y
CA fall in the price of X does not affect the demand for Y
DA rise in the price of X does not affect the demand for Y
EThe two goods are competitive.
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Question 1199
jamb1981
Which of the following alternatives will NOT assist in checking the population growth in West Africa countries?
AImmigration
BBrith control measures, e.g. use of contraceptives
CLate marriage
DCreating more educational opportunities for women
ESex education
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Question 1200
jamb1981
'Choice arises because of scarcity of resources',In discussing this statement, Which of the following is NOT correct?
AHuman wants are numerous but the resources needed to satisfy them are limited
BGiven numerous wants and limited resources only individuals and businesss firms make choice
CThe process of making a choices involves opportunity cost
DAn economist is not interested morality or otherwise of any choice so made
EUsually choice is made from a list of wants compliled in the context of a scale of preference
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Question 1201
jamb1980
Which of the following is a correct definition of equilibrium price?
AA price which covers production cost
BA price which maximizes entreprenuer's profits
CA price at which the quantity demanded equals the quantity supplied
DA price at which a competitive firm is at equilibrium
EA price which stabilizes farmer's income
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Question 1202
jamb1980
If the government is interested in raising the highest revenue from a tax system, then for any two commodities
AIt is better to tax one whose demand is more elastic
BIt is better to tax one whose demand is more inelastic
CRevenue will be the same from both commodities
DIt is not possible to say which will yield higher revenue
EGovernment cannot make much revenue from taxing commodities
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Question 1203
jamb1980
The terms of trade are said to be favorable only if
AValue of total exports equals value of total imports
BValue of merchandise exports is greater than value of merchandise imports
CThere are no balance of payments problems
DThere is an increase in the value of a unit of export in terms of imports
EForeign exchange reserves do not change
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Question 1204
jamb1980
Which is the dominant form of tax in Nigeria
ADirect tax
BIndirect tax
CInheritance tax
DPersonal income tax
EValue added tax
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Question 1205
jamb1980
Commercial banks can create money in the following ways
Aby issuing coins and paper money
Bby borrowing money from Banks abroad
Cby receriving deposits from individuals
Dby printing money on the instructions of the Central Bank
Enone of the above
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Question 1206
jamb1980
In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid
Awholly by the supplier
Bwholly by the consumer
Cpartly by the supplier and partly by the consumer
Dwholly by the middlemen
Epartly by stockholder and partly by consumer
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Question 1207
jamb1980
One of the disadvantages of division of labour is that?
Athere is saving of time
Bit result in workers acquiring greater skill at their jobs
Cthere is a greater risk of unemployment
Dit makes possible the use of machinery
Eit makes the worker less fatigued by his work
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Question 1208
jamb1980
The marginal physical product of labour is?
Athe out put of labour unaided by machinery
Bthe extra revenue from the output of one additional woker
Cthe difference in the output of two workers
Dadditional output achieved when one extraworker is added to fixed account of other factors
Enone of the above
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Question 1209
jamb1980
Which of the following is NOT a determinant of changes in supply?
AChanges in the cost of production
BTechnical progress
CWeather
DChanges in the number of producers
EChanges in the number buyers
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Question 1210
jamb1980
Which of the following is NOT a measure for controlling inflation?
AReduction in money supply
BWage restraint and wage freeze
CReduction in taxes and increase in government spending
