Economics 2004 Jamb Examination
Question 11
The distinction between perfect competition and monopolistic competition is that the latter is characterized by
Correct Answer: C. product differentiation
Monopolistic competition is characterized by many firms selling similar but not identical products, leading to product differentiation. This distinguishes it from perfect competition, where products are homogeneous and indistinguishable across sellers.
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Question 12
The downstream activities of oil companies in Nigeria involve
Correct Answer: A. refining and distribution
Downstream activities in the oil industry refer to the processes involved after crude oil is extracted, including refining, distribution, and marketing of petroleum products. In Nigeria, this includes the operation of refineries, fuel depots, and retail outlets.
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Question 13
The movement of goods and services from the products to the consumers is refereed to as
Correct Answer: B. the distribution chain
The distribution chain refers to the process through which goods and services move from producers to final consumers. It includes intermediaries like wholesalers, retailers, and logistics providers that ensure products reach the right place at the right time.
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Question 14
The purpose of conducting a census is to enable a country to
Correct Answer: D. plan her growth and development
A census provides comprehensive data about a country’s population, such as size, distribution, and demographics. This information is crucial for planning national growth and development, including infrastructure, healthcare, education, and resource allocation.
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Question 15
A major cause of the slowpace of industrialization in Nigeria is inadequate
Correct Answer: C. skilled labour
A major factor hindering industrialization in Nigeria is the shortage of skilled labour. Many industries struggle to find adequately trained professionals and technicians, which limits productivity, innovation, and expansion.
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Question 16
The maximum wage legislation seeks to
Correct Answer: D. ensure an upper limit to the wages payable
Maximum wage legislation is a government policy that places a ceiling on wages, ensuring that no employee is paid above a certain amount. This is typically aimed at controlling inflation or reducing income inequality.
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Question 17
The marketing of agricultural commodities in Nigeria is hampered by
Correct Answer: A. lack of adequate storage facilities
In Nigeria, agricultural marketing is largely hindered by the lack of adequate storage facilities, leading to high post-harvest losses, spoilage, and reduced income for farmers. This disrupts the supply chain and affects market availability.
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Question 18
Import duty concessions on industrial inputs directly benefit the
Correct Answer: D. manufacturers
Import duty concessions on industrial inputs reduce the cost of importing raw materials and machinery, thereby directly benefiting manufacturers by lowering production costs and encouraging industrial growth.
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Question 19
The labour force in Nigeria falls between the ages of
Correct Answer: C. 18 and 60
In Nigeria, the labour force comprises individuals aged 18 to 60 who are willing and able to work. This age range reflects the economically active population as defined by national labour statistics.
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Question 20
Government’s involvement in agricultural business in Nigeria’s ismost manifested in the
Correct Answer: D. procurement and distribution of fertilizers
The Nigerian government’s involvement in agriculture is most evident through the procurement and distribution of fertilizers, aiming to boost crop yield and support farmers by improving access to essential farming inputs.
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