Study and practice Economics past questions with answers and detailed explanations. Then test your knowledge using our interactive CBT practice platform and prepare confidently for your upcoming examinations.
Which of the following is a correct definition of equilibrium price?
AA price which covers production cost
BA price which maximizes entreprenuer's profits
CA price at which the quantity demanded equals the quantity supplied
DA price at which a competitive firm is at equilibrium
EA price which stabilizes farmer's income
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Question 2
jamb1980
If the government is interested in raising the highest revenue from a tax system, then for any two commodities
AIt is better to tax one whose demand is more elastic
BIt is better to tax one whose demand is more inelastic
CRevenue will be the same from both commodities
DIt is not possible to say which will yield higher revenue
EGovernment cannot make much revenue from taxing commodities
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Question 3
jamb1980
The terms of trade are said to be favorable only if
AValue of total exports equals value of total imports
BValue of merchandise exports is greater than value of merchandise imports
CThere are no balance of payments problems
DThere is an increase in the value of a unit of export in terms of imports
EForeign exchange reserves do not change
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Question 4
jamb1980
Which is the dominant form of tax in Nigeria
ADirect tax
BIndirect tax
CInheritance tax
DPersonal income tax
EValue added tax
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Question 5
jamb1980
Commercial banks can create money in the following ways
Aby issuing coins and paper money
Bby borrowing money from Banks abroad
Cby receriving deposits from individuals
Dby printing money on the instructions of the Central Bank
Enone of the above
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Question 6
jamb1980
In the above diagram supply and demand conditions of sugar in a Nigerian market are given. An indirect tax of 10 kobo per kg is imposed it will be paid
Awholly by the supplier
Bwholly by the consumer
Cpartly by the supplier and partly by the consumer
Dwholly by the middlemen
Epartly by stockholder and partly by consumer
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Question 7
jamb1980
One of the disadvantages of division of labour is that?
Athere is saving of time
Bit result in workers acquiring greater skill at their jobs
Cthere is a greater risk of unemployment
Dit makes possible the use of machinery
Eit makes the worker less fatigued by his work
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Question 8
jamb1980
The marginal physical product of labour is?
Athe out put of labour unaided by machinery
Bthe extra revenue from the output of one additional woker
Cthe difference in the output of two workers
Dadditional output achieved when one extraworker is added to fixed account of other factors
Enone of the above
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Question 9
jamb1980
Which of the following is NOT a determinant of changes in supply?
AChanges in the cost of production
BTechnical progress
CWeather
DChanges in the number of producers
EChanges in the number buyers
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Question 10
jamb1980
Which of the following is NOT a measure for controlling inflation?
AReduction in money supply
BWage restraint and wage freeze
CReduction in taxes and increase in government spending
Dprice control
ECredit restriction
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Question 11
jamb1980
Indicate which of the following are invisible trade items in a country’s balance of payments?
Aoil exports and imports
BGold and foreign reserves
Cforeign investment
DDividends and profit
EExpenditure on the shipping and tourism
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Question 12
jamb1980
In Nigeria, cheques are not money because?
Atheir use is confined to business houses
Bthere are no banks in rular areas
Cthey are not legal tender
Dthey are not generally acceptable as a medium of exchange
Emost Nigerians cannot identify them
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Question 13
jamb1980
Which of the following is NOT a function of Nigeria commercial Banks?
AAcceptance of deposit
BLending of money
CInvestment in securities and business
DIssue of currency
ESelling and buying of travellers cheques
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Question 14
jamb1980
In a limited liability company, the greatest risk is borne by?
Adebenture holders
Bcompany executives
Cordinary shareholders
Dpreference shareholders
Eborad of directors
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Question 15
jamb1980
Division of labour is limited by the?
Aavailable of raw materials
Bsize of the labour force
Csize of a labour firm
Dabsolute size of the country's population
Eper capital income and number of potential buyers
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Question 16
jamb1980
In a normal (typical) demand schedule, the quantity demand is?
Adirectly related to price
Binversely related to price
Cindependent of price
Dproportional related to supply
Esolely dependent on haggling skill
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Question 17
jamb1980
In a subsistence economy?
Athere is no shortage of goods and services
Bthe state is the sole owner of resources
Cproduction is largely oriented towards consumption in the rular sector
Dthere is no exchange of goods and services
Ewomen predominate in all economic activities
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Question 18
jamb1980
Which of the taxes appear generally progressive in nature?
ASales taxes
BThe personal income tax
CProperty taxes
DCorporation taxes
Enone of the above
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Question 19
jamb1980
Which of the following is NOT one of the balance of payment entries?
Athe current account
Bforeign exchange
CImport and Export duties
DShort-term capital
ELong-term capital
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Question 20
jamb1980
A commercial bank is able to create money
Aby printing it
Bby maintaining reserve
Cby creating a demand deposit as it gives a new loan
