Which of the following is an invisible item?
Petroleum services
Processed rice
Processed milk
Banking services
Correct answer is D
Invisible Export consists of services rendered to other countries. Such services include transport, banking, insurance and other consulting service.
2:3
3:4
4:3
5:4
Correct answer is B
Total budget =$7,200
Expenditure on Health = x/$7200 × 3600 = 600
3600x = 600 × $7200
x = 600×$7200/3600
x = $1,200
Therefore, the budget allocated to Health is $1,200
Expenditure on Agriculture =x /$7200 × 3600 = 800
3600x = 800 × $7200
x = 800 × $7200/3600
x=$1,600
Therefore, the budget allocated to Agriculture is $1,600
Ratio of expenditure on Health to Agriculture;
Ratio=1200:1600
=3:4
Migrant labour
Working population
Labour turnover
Mobility of Labour
Correct answer is B
Working population also known as labour force refers to the total number of persons available to supply the labour for the production of economic goods and services. In other words, it is the total number of people of working age in a country who are able and willing by law to work.
Volume of trade between countries
Direction of international trade
Commodity terms of trade
Volume of imports
Correct answer is C
Term of trade refer to the rate at which a country’s exports exchange for its import. It is expressed as a relation between the prices a country receives for its export and the prices it pay for import. Term of trade is usually measured by this mathematical formula.
The study of Economics becomes necessary because of the______________
Large population size of the world
Scarcity of resources
Opportunity cost of goods and services
Need to satisfy every desire of man
Correct answer is B
We study economics for different reasons such as allocation of natural resources, rational decision making, and solution to economic problems all of which point that desires are numerous while resources are scarce. Economics seeks to study the relationship between ends and means. Ends are unlimited while the means are limited. Economics therefore seek is concerned with allocating limited resources among the competing and unlimited wants.
JAMB Subjects
Aptitude Tests