Economics Past Questions

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301

One of the major effects of an increase in government expenditure on a nation’s economy is that it?

A. creates investment opportunities for foreign investors
B. leads to indigenization of the private sector
C. raises the level of total tax revenue
D. raises the level of aggregate demand
E. controls the spread of monopoly

View Answer & Discuss (1) JAMB 1984

302

Public expenditure on services, such as education and health, is known as expenditure on

A. general services
B. community services
C. social services
D. economic services
E. administrative services

View Answer & Discuss (2) JAMB 1984

303

Question 39 and 40 are based on the table below:

The international production set for Nigeria and Austria is:
\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)

The opportunity cost ratio for cocoa and lace for Austria and Nigeria is

A. 2,2
B. 2,1.5
C. 1.5,4
D. 1.5,2
E. 0.5,1.5

View Answer & Discuss (3) JAMB 1984

304

The international production set for Nigeria and Austria is:

\(\begin{array}{c|c}
Products & Nigeria & Austria \\
\hline
Cocoa & 20 \text{tonnes} & 12 \text{tonnes}\\
\hline
Lace & 10 \text{meters} & 8 \text{meters} \\
\end{array}\)

from the table, it can be deduced that?

A. Nigeria should produce cocoa and lace
B. Austria should produce cocoa and lace
C. Nigeria can benefit from producing lace only
D. Nigeria should not produce any of the products because of her relative disadvantages
E. Austria should produce lace and Nigeria should produce cocoa