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Economics Past Questions and Answers

Jamb Economics Questions

Question 41:

The age distribution of a country's population is of economic importance because it affects the?

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A Pattern of expenditure
B Size of the army
C Optimum size of firms
D Location of industries

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Question 42:

It is important to measure the National Income of a country because?

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A It is a major determinant of the standard of living
B It reveals hazards of development like pollution and congestion
C It reveals the distribution of the citizen's savings in foreign banks
D Its size determines the extent of political stability

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Question 43:

The Gross Domestic Product is defined as the total value of?

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A All final goods and services produced in a country during the year
B All assets of a country in a particular year
C Exports net of total value of imports
D All receipts

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Question 44:

In the national income and product accounts, double counting is avoided if?

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A Only final goods counted
B Only intermediate goods are counted
C Only intermediate and final goods are counted
D The value of all goods and services are added together

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Question 45:

If W stands for wages/salaries, P for profit, R for interest and Z for rent on land real estate, then national income is?

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A W -P - R - Z
B W + P + Z - R
C P - R - Z + W
D W + P + R + Z

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