Jamb Economics Past Questions
Question 2241
The difference between visible exports and invisible exports of a country, in money terms, is known as the?
- A. Balance of trade
- B. Balance of payments
- C. Terms of trade
- D. Foreign reserves
- E. Special drawing right
Question 2242
The purpose of import duties does NOT include the?
- A. generation of revenue for government
- B. protection of domestic industries
- C. promotion of international trade
- D. conservation of foreign exchange earnings
- E. control of comsuption pattern
Question 2243
Retailers are greater in numbers than wholesalers because?
- A. retail business may not be registered or incorporated
- B. retail business requires less expertise
- C. retailers deal with final consumers
- D. all retail businesses are large enterprises
- E. all retail businesses are small enterprises
Question 2244
Population growth can be calculated as ?
- A. Birth rate + death rate + migration rate + immigration rate
- B. Birth rate â death rate + migration rate -immigration rate
- C. Birth rate + death rate â migration rate + immigration rate
- D. Birth rate â death rate â emigration rate + immigration rate
- E. Birth rate â death rate
Question 2245
if AC = Average Cost of production ,
TC = Total Cost of production
VC = Variable Cost of production
FC = Fixed Cost of production
Q = Quantity of goods produced
Then,
- A. AC = TC; TC = VC + FC
- B. AC = (TC) Q: TC = VC + FC
- C. AC = TC; TC = (VC)(FC) Q
- D. AC = TC- FC: VC = TC- AC
- E. AC = TC ; TC = VC + AC Q
