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Economics Past Questions and Answers

Jamb Economics Questions

Question 41:

One of the characteristics of free trade zone is

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A Common tariff against non-member countries
B Different trade policies of non-member countries
C Free factor mobility within the zone
D Harmonized trade among member countries

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Question 42:

The primary motive for an individual engaging in production is to

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A Make profit
B Satisfy basic human wants
C Redistribute wealth
D Put inputs into use

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Question 43:

If Nigeria imports vehicles from Japan the transaction will appear as a

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A Debit on Japan's balance of payments
B Credit on Japan's balance of payments
C Credit on Nigeria's balance of trade
D Credit on Nigeria's balance of payment

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Question 44:

One of the objectives of ADB is to

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A Provide subsidies on imported goods to member countries
B Mobilize short-term loans for member countries
C Promote economic and social development of member countries
D Provide technical assistance to only poor member countries

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Question 45:

The choice of the method of production in an economy is determined by the

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A Level of technical know-how
B Rate of propulation growth
C Availability of natural resources
D Level of income

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