Jamb Economics Past Questions For Year 1997
Question 26
The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?
- A. increase their output
- B. decrease their output
- C. keep their output constant
- D. hoard their output
Question 27
The shares that must be redeemed first at liquidation of a company are?
- A. preference shares
- B. non-voting ordinary shares
- C. ordinary shares
- D. debentures
Question 28
The most important attribute of money is?
- A. homogeneity
- B. relative scarcity
- C. divisibility
- D. general acceptability
Question 29
The main problem of the Organization of Petroleum Exporting Countries is how to?
- A. prevent members from violating their quota
- B. enhance the quality of petroleum product
- C. compete with the North Sea producers
- D. ensure viable crude reserves
Question 30
A glut in the world market for crude oil means?
- A. a fall in crude oil production
- B. an excess supply of crude petroleum
- C. a higher crude oil price offered by the buyer
- D. a higher crude oil price demanded by the seller
