Economics Past Questions

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1006

If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?

A. 0.4%
B. 40.0%
C. 10.0%
D. 4.0%

View Answer & Discuss (10) JAMB 2001

1007

GNP is not a good measure of social welfare because there are unrecorded?

A. indirect taxes
B. social costs
C. government subsidies
D. transfer payments

View Answer & Discuss JAMB 2001

1008

The loans from the World Bank to developing countries are mainly to support?

A. the establishment of more universities
B. capital-intensive technology
C. infrastructural investments
D. their low level of consumption

View Answer & Discuss JAMB 2001

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1009

The major reason why nations engage in international trade is that?

A. it allows free movement of factors of production
B. it makes possible the use of capital-intensive method of production
C. nations are substantially different in their endowments of economic resources
D. it affords the trading nations the opportunity to earn high profit

View Answer & Discuss (2) JAMB 2001

1010

A country with over-valued currency will?

A. expect balance of payments surplus
B. have increased demand forthe exports
C. increase her foreign reserve
D. decreased her foreign reserve

View Answer & Discuss (8) JAMB 2001

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