JAMB Economics Past Questions, Answers & Explanations - Economics

Jamb Economics Questions

Question 11:

The principle of comparative advantage or comparative cost is NOT based on one of the following assumptions

A There are restrictions in trade
B There are no cost of transportations
C Ther is perfect competition
D There are no tariff or import and export quota
E There are only two countries and only two commodities entering into international trade

Question 12:

Which of the following is not a direct tax?

Question 13:

Division of labour means

A Dividing the labour into different categories
B Splitting the process of production into different parts to be completed by each person
C Dividing the goods and services into different sections
D Assigning different duties to labourers
E Group of labourers working in a factory or shop

Question 14:

By utility we mean