Economics 2009 Jamb Examination
Economics 2009 Jamb Examination
Question 21
The Basic Needs Approach to development is
The Basic Needs Approach emphasizes tackling poverty directly by providing essential needs such as food, shelter, and basic welfare.\(\therefore\) The correct answer is poverty alleviation.
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Question 22
The major reason why countries strive to achieve optimum growth is to
Countries aim for optimum growth to reduce dependence on others and attain economic self-reliance.\(\therefore\) The main reason is to be self-sufficient.
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Question 23
According to the theory of comparative advantage specialization will result in
The theory of comparative advantage explains that specialization enables countries to allocate resources efficiently and maximize gains from trade.\(\therefore\) The result is efficient allocation of resources.
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Question 24
In the circular flow of income, an increase in savings causes
Higher savings reduce the flow of money available for spending, leading to a decrease in the income stream.\(\therefore\) The correct effect is a decrease in the income stream.
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Question 25
The ability of commercial banks to create money depends on the
Money creation by banks is based on the reserve ratio, which determines how much of deposits must be kept versus how much can be loaned out.\(\therefore\) The correct factor is reserve ratio.
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Question 26
The reform in the banking sector in Nigeria is principally motivated by the need to
Banking reforms aim to strengthen institutions, especially to reduce the high rate of bank failures.\(\therefore\) The principal motivation is to minimize the rate of bank failures.
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Question 27
A manufacturer who wants to build a new plant will source funds from the
Funds for long-term projects like building new plants are obtained from the capital market, not short-term sources.\(\therefore\) The correct source is the capital market.
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Question 28
Cost-push inflation occurs when
Cost-push inflation results from rising production costs, which push up the prices of goods and services.\(\therefore\) The cause is high production cost.
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Question 29
The supply curve of a perfectly competitive firm is identical to its
In perfect competition, the firm's supply curve corresponds to the portion of its marginal cost curve above the average variable cost.\(\therefore\) The supply curve is identical to the marginal cost.
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Question 30
If a monopolist is incurring short-run losses, this means that his
A monopolist incurs losses when the revenue from sales is insufficient to cover costs. This happens if the selling price is below the short-run marginal cost.
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