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Economics 2014 JAMB Past Questions

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31

The major contribution of OPEC to the Nigerian economy is the

  • A. provision of social infrastructures
  • B. granting of subsidies on petroleum products
  • C. stabilization of oil prices
  • D. building of refineries
View Answer & Discuss JAMB 2014
32

The loading of crude oil at the terminal is an activity in the

  • A. downstream sector of the oil industry
  • B. upstream and downstream sector of the oil industry
  • C. upstream sector of the oil industry
  • D. midstream and upstream sectors of the oil industry
View Answer & Discuss (8) JAMB 2014
33
The short-run average variable cost of a firm will rise owing to
  • A. the expansion of factory space
  • B. the building of new warehouse
  • C. an increase in the cost of labour
  • D. an increase in the salaries of directors
View Answer & Discuss JAMB 2014
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34

Firms embark on vertical integration in other to

  • A. take over markets formally controlled by other firms
  • B. prevent other firms from entering the market
  • C. reduce advertisement and management cost
  • D. enjoy economies of large-scale production
View Answer & Discuss JAMB 2014
35

The voting power in co-operative societies is vested on

  • A. management
  • B. members without loan
  • C. shareholders
  • D. members with the highest contribution
View Answer & Discuss (6) JAMB 2014
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