Jamb Economics Past Questions For Year 2003
Question 1
The theory of comparative advantage states that a commodity should be produced in that nation where the
- A. Absolute cost is least
- B. Absolute money cost is least
- C. Opportunity cost is least
- D. Production possibility curve increases
Question 2
The commercial banks differ from non-bank financial institutions because they
- A. Accept deposits withdrawable by cheque
- B. Mobilize savings
- C. Invest surplus funds
- D. Contribute to economic development
Question 3
The best method of production in an under populated country is
- A. Labour-extensive
- B. Land-intensive
- C. Capital-intensive
- D. Labour-intensive
Question 4
In the table above, the price of commodity y is N2 and that of x is N1 while the individual has an income of N12. Determine the combination of the two commodities the individual should consume to maximize his utility
- A. 3y and 3x
- B. 6y and 4x
- C. 3y and 6x
- D. 5y and 5x
Question 5
If the country is currently producing at point Y, it can increase production of producer goods by moving to the point
- A. V
- B. W
- C. X
- D. Z
