JAMB Economics Past Questions & Answers - Page 35

171.

A good measure of the standard of living usually used for international comparison is______

A.

Per Capita Income (PCI)

B.

Gross National Product (GND)

C.

Net National Income (NNI)

D.

Gross Domestic Product (GDP)

Correct answer is A

No explanation has been provided for this answer.

172.

The PAYE ( Pay As You Earn) in Nigeria is an example of ______

A.

Flat Rate Tax

B.

Community tax

C.

Regressive tax

D.

Progressive tax

Correct answer is D

No explanation has been provided for this answer.

173.

Oligopoly means _________

A.

Single buyer in the market

B.

Few buyers in the market

C.

Few sellers in the market

D.

None of the above

Correct answer is C

No explanation has been provided for this answer.

174.

Palm oil industry is located in Old Bendel State because the state_____

A.

Land is suitable for oil

B.

Is a palm tree growing area

C.

Soil is unsuitable for other crops

D.

Imports raw materials for palm oil industry

Correct answer is B

No explanation has been provided for this answer.

175.

In a sole proprietorship, the decisions are made by the ______

A.

Government

B.

Management

C.

Owner

D.

Board of Directors

Correct answer is C

No explanation has been provided for this answer.