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Economics Past Questions and Answers

Jamb Economics Questions

Question 31:

When compared with a labour-intensive industry, a capital-intensive industry employs more?

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A Workers than capital
B Workers than machinery
C Raw materials than capital
D Machinery than workers

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Question 32:

The major source of Nigeria's foreign exchange is the export of?

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A Skilled manpower
B Palm kernel and cocoa
C Crude oil
D Groundnuts and cotton

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Question 33:

The most important goal of OPEC is to?

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A Present a united front for the purpose of raising the price of crude oil
B Bring unity among the petroleum exporting states
C Ensuring political stability among member states
D Ensure that rules on quota producion are strictly followed

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Question 34:

the Central Bank's expansionary monetary policy is justified at a period?

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A When the inflation rate is high and the economic is experiencing a boom
B Of economic depression accompanied by low capacity utilization
C When trade unions are clamouring for higher wages
D When price of crude petroleum is rising

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Question 35:

The sharp increase in the prices of most goods and services during the last quarter of 1994 in Nigeria were mainly due to?

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A Ban on importation of foreign goods
B Population upsurge
C The introduction of value-added tax
D Increase in transport costs

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