JAMB Economics Past Questions & Answers - Page 60

296.

The Economic Community of West African States (ECOWAS) has been slow in achieving its objective because of______________

A.

The activities of multinationals

B.

Inadequate personnel at the secretariat

C.

Political instability

D.

Inadequate international support

Correct answer is C

Frequent change of leadership of member state creates a difference in ideology and this is a major problem of ECOWAS.

297.

Occupational distribution of information is mainly influenced by___________

A.

Economic factor

B.

Religious factor

C.

Geographical factor

D.

Social factor

Correct answer is A

Occupational distribution of population refers to the classification of the working population into different types of work they engage in. The occupational distribution in any population is influenced by factors which includes: The level of education, Availability of natural resources, The level of technology, The type of production activities.

298.

The full meaning of NNPC is?

A.

Nigerian National Population commission

B.

Nigerian National Petroleum Corporation

C.

National Number of Petroleum Companies

D.

None of the above

Correct answer is B

The Nigerian National Petroleum Corporation (NNPC) is a body charged with the development and management of Nigeria’s Petroleum resources. It was established in 1977 and was assigned the responsibility of exploration, production and refining of petroleum, as well as distribution and foreign marketing of crude oil and petroleum products.

299.

The reward for capital is___________

A.

Interest

B.

Rent

C.

Risk

D.

Premium

Correct answer is A

Capital is the man made wealth or goods used to produce other goods and services such as cash, machine, buildings, motor vehicles, raw materials etc. The reward on capital such as these is interest.

300.

The Economic Commission for Africa was set up by the________

A.

UNO

B.

ECOWAS

C.

OAU

D.

IMF

Correct answer is A

The economic commission for Africa (ECA) also known as the United Nations Economic Commission for Africa was established in 1958 with its headquarters in Addis Ababa, Ethiopia. It is an organ of the United Nations Organization (UNO). Its major aim is to promote the social and economic development of Africa.