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Economics 1984 JAMB Past Questions

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46
One of the advantages of large - scale production is that
  • A. There is a rise in the cost of administration
  • B. Consumers sacrifice their individual tastes
  • C. The firm can use labour - saving machinery
  • D. The demand for a firm's products become localized
  • E. Decision making takes a long time because different levels of management are involved
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47
A rightward shift in the production possibility frontier may be due to
  • A. Use of inferior inputs
  • B. Inefficiency
  • C. Improvement in production techniques and practices
  • D. Changes in the product mix
  • E. Changes in consumer's tastes and preferences
View Answer & Discuss JAMB 1984
48
Let P x represent the price of exports and Pm the price of imports. Then the terms of trade (TOT) are said to be favourable if
  • A. \(\frac{Px}{Pm}\)
  • B. \(\frac{Px}{Pm}\)=1
  • C. \(\frac{Px}{Pm}\)>1
  • D. \(\frac{Px}{Pm}\)+1
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49
In the diagram I refers to the calculation of national income through the
  • A. Expenditure approach
  • B. Input - Output approach
  • C. Flows of funds approach
  • D. Income approach
  • E. Output approach
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50
In the diagram III refers to the calculation of national income through the
  • A. Income approach
  • B. Government earnings approach
  • C. Expenditure approach
  • D. Output approach
  • E. Flow of funds approach
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