Economics 2008 Jamb Examination
Economics 2008 Jamb Examination
Question 21
A major consideration in locating a cement factory is the availability of
Cement production heavily depends on raw materials, especially limestone, hence proximity to limestone deposits is the key factor.
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Question 22
The exports-promotion strategy is aimed at producing
Export-promotion strategy focuses on increasing the production of goods for foreign markets to earn foreign exchange.
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Question 23
The activities in the oil and gas industry are classified into
Oil and gas operations are categorized into upstream (exploration and production) and downstream (refining, marketing, distribution).
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Question 24
Contractionary monetary policy is used to
Contractionary monetary policy reduces money supply or raises interest rates to curb inflationary pressures.
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Question 25
The use of government revenue and expenditure to achieve set objectives is known as
Fiscal policy involves the use of taxation and public expenditure by the government to regulate the economy.
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Question 26
An example of an indirect tax is
Sales tax is an indirect tax because it is levied on goods and services and passed on to the consumer.
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Question 27
A good indicator of economic development is an increase in
Economic development is better measured by real per capita income since it accounts for both growth and population changes.
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Question 28
Economic growth takes place when there is an increase in
Economic growth reflects sustained increases in the quantity of goods and services (output) produced over time.
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Question 29
The output approach to measuring national income is based on the computation of
In the output approach, national income is computed by summing the value added at each production stage to avoid double counting.
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Question 30
An example of injection into the circular flow of income is
Exports bring money into the economy from abroad, making them an injection into the circular flow of income.
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