JAMB Economics Past Questions (2010)

Q1. A classroom teacher is promoted to the rank of a principal. This is an example of

A. vertical mobility

B. lateral mobility

C. social mobility

D. horizontal mobility

Answer: D

Q2. A tent-making factory offers

A. personal services

B. indirect services

C. social services

D. reflex services

Answer: B

Q3. Productive efficiency refers to:

A. the use of the least-cost method of production

B. the production of the product-mix most wanted by society

C. the full employment of all available resources

D. production at some point inside of the production possibilities curve.

Answer: A

Q4. As it relates to international trade, dumping:

A. is a form of price discrimination illegal under U.S antitrust laws

B. is the practice of selling goods in a foreign market at less than the cost

C. Constitutes a general case for permanent tariffs

D. is defined as selling more goods than allowed by an import quota.

Answer: B