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Economics Past Questions and Answers

Jamb Economics Questions

Question 41:

Indicate which of the following are invisible trade items in a country’s balance of payments?

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A Oil exports and imports
B Gold and foreign reserves
C Foreign investment
D Dividends and profit
E Expenditure on the shipping and tourism

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Question 42:

Which of the following is NOT a measure for controlling inflation?

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A Reduction in money supply
B Wage restraint and wage freeze
C Reduction in taxes and increase in government spending
D Price control
E Credit restriction

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Question 43:

Which of the following is NOT a determinant of changes in supply?

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A Changes in the cost of production
B Technical progress
C Weather
D Changes in the number of producers
E Changes in the number buyers

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Question 44:

The marginal physical product of labour is?

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A The out put of labour unaided by machinery
B The extra revenue from the output of one additional woker
C The difference in the output of two workers
D Additional output achieved when one extraworker is added to fixed account of other factors
E None of the above

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Question 45:

One of the disadvantages of division of labour is that?

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A There is saving of time
B It result in workers acquiring greater skill at their jobs
C There is a greater risk of unemployment
D It makes possible the use of machinery
E It makes the worker less fatigued by his work

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