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If any economy is growing at an annual rate of 7% and 4% of it is known to be due to the improvements in labour and capital combined, the balance of 3% is usually due to?
Aland and related factors
Babundance of natural resources
Clevel of human capital
Dtechnical progress or other factors
Ethe discipline of political leadership
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Question 12
jamb1983
The quickest way of achieving an economic union on regional basis is to remove all?
Acurrency barriers
Blanguage barriers
Cpolitcal barriers
Dcustoms barriers
Elegal barriers
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Question 13
jamb1983
Mono production economies are those that?
Ahave a rich cultural heritage
Bproduces only raw materials
Clive from the export of their raw product
Dproduce one main commodities
Especialized in agricultral industries
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Question 14
jamb1983
International trade is necessary because?
Ano country can live in economic isolation
Bdifferent countries are differently endowed in natural and man-made resources
Csome countries have comparative costs advantage in the production of particular commodities over other countries
Dthe word demand for and supply of various categories of commodities is expanding very fast
Ecountries want to build up their foreign exchange reservers
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Question 15
jamb1983
Petroleum 'glut' in international trade means
Aa fall in petroleum production
Ban over supply of petroleum
Ca higher petroleum price offered by the buyer
Da higher petroleum price demanded by the seller
Ehigher prices for the consumtion of petroleum
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Question 16
jamb1983
Disequilibrium in the balance of payment means?
Aimports of the country exceeding its exports
Boverall deficit or surplus in the current account and capital account of the balance of payment
Ccapital flowing out of the country exceeds the capital flowing into the country
Ddeficit in the trade balance
Eexport earnings exceeds cost of imports
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Question 17
jamb1983
The meaning of 'Dumping' is selling goods in a foreign market
Aat a low price that recieved in the home market
Bat a price higher than that recieved in the foreign market
Cat a price equal to the cost price in the home market
Din order to encourage indigenous producers
Eat a price equal to the selling price in the home market
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Question 18
jamb1983
Comparative cost doctrine of international trade means specialization in production
Aaccording to absolute cost advantage
Baccording to absolute cost disadvantage
Caccording to comparative cost disadvantage
Daccording to comparative cost advantage
Eon the basis of the availability of labour
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Question 19
jamb1983
A greater burden of the taxes on essential goods is borne by the?
Amiddle income group
Bhigher income group
Clower income group
Dpeople falling between the middle and higher income groups
Etop few richest people of the country
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Question 20
jamb1983
In the event of a limited liability company going into liquidation each
Ashareholder may lose the maximum of the amount he has invested
Bshareholder loses nothing
Cshareholders loses everything including his house
Dshareholder''s liability becomes unlimited
Eshareholder will lose the amount he has invested plus a proportion of his bank account
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Question 21
jamb1983
Division of labour has many advantages . Not withstanding, it is greatly limited by?
Amonotony of work
Bdecline of craftmanship
Crisk of unemployment
Dextent of market demand
Eboredom
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Question 22
jamb1983
The supply of loanable funds is significantly influenced by?
Acommercial banks
Bmortage banks
Cfinancial intermediaries
Dthe Central Bank
Einsurance companies
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Question 23
jamb1983
The maintenance of general economic stability in the country necessarily relies heavily on?
Afederal fiscal policy
Bcoordinated federal, state and local fiscal policies
Ctax and revenue policies of state governments
Dfederal grants to state and local government
Efederal grants to local governments
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Question 24
jamb1983
Public expenditure creates expansionary effects in the economy when it is
Ain excess of government revenue
Bchannelled into capital products
Cdiverted into imports
Dfinanced through part of the year's total collection of taxes
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Question 25
jamb1983
Which of the following enterprises does NOT pursue the sole objective of profit maximization?
ARoads of Nigeria Ltd
BUnion Bank of Nigeria Ltd
CNigeria Electric Power Authority
DVolkswagen (VW) Nigeria Ltd
EKingsway Nigeria Ltd
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Question 26
jamb1983
In a sole proprietorship, the decisions are made by the?
Agovernmnet
Bborad of directors
Cmanagement
Dshareholders'conference
Eowner
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Question 27
jamb1983
Retailers in an economy perform the function of
Aproduction
Bexchange
Cdistribution
Dhorading
Einvestment
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Question 28
jamb1983
In an inflationary period which of the following statements is NOT true?
AWages rise simultaneously with prices
BThe purchasing power of money diminishes
CMore money runs after a limited quantity of goods
DMoney supply increases
EAggregate real demand exceeds aggregate real supply
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Question 29
jamb1983
The meaning of ‘wage-price spiral’ is?
Ademand pull and cost push inflation pulling each other in different director
Bdemand pull and cost push inflation intensifying each other
Cboth of them bringing about a reduction in the price level
Dthat demand pull and cost push inflation increases employment
Ethat wages and prices are rising at a proportional rate
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Question 30
jamb1983
Palm oil industry is located in Bendel State because the State?
