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.
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
Aindustrial capital
Bsocial capital
Cfixed capital
Dcirculating capital
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Question 1042
jamb1987
In the history of Economic Thought the concept of Division of labour is usually associated with?
ADavid Richardo
BJ.M. Keynes
CAdam Smith
DKarl Marx
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Question 1043
jamb1987
The residual of production which accrues to the owner of land after all other expenses have been met is called?
Awages
Brent
Cinterest
Dprofit
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Question 1044
jamb1987
Efficiency of labour is enhanced by?
AAverage Total Cost less the sum of Varriable Cost
Bhalf the sum of all costs
CTotal Fixed Cost divided by the the level of output
DTotal Fixed Cost plus Marginal Cost
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Question 1045
jamb1987
Labour productivity is defined as?
Aoutput per man/hour
Baverage output
Cthe maximum number of hours worked
Dtotal level of output
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Question 1046
jamb1987
The additional revenue obtained by using one more unit of a factor is called its?
Amarginal product
Badditional product
Cmarginal revenue product
Daverage product
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Question 1047
jamb1987
Market is defined as?
Aone geographical location where people meet to buy and sell
Bthe demand and supply of goods and services
Ca group of people whose sole interest is to make profit
Dany organizational framework which links the buyers and sellers of a good and service
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Question 1048
jamb1987
Which of the following best describes the concept of opportunity cost?
Aa special bargain or scale at below market price
BCost of input tends to go up as we use more of them
CGoods that are not produced in order to produce more of another good
DA cost that constantly decreases
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Question 1049
jamb1987
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
Amicroeconomics
Bmacroeconomics
Cproduction
Dindifference curve
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Question 1050
jamb1987
A production possibility curve shows?
Ahow much of the resources of society are used to produce a particular commodity
Bthe rate of inflation
Cthe rate of unemployment in the economy
Dthe various combinations of two commodities that can be produced
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Question 1051
jamb1986
An nation's distribution of income shows?
Athe value of all goods produce inthe economy
Bhow income is divided among different groups
Cwhere the economy system is on its production possibility curve
Dthe consumption behaviour of the people
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Question 1052
jamb1986
Which of the following strategies will provide more employment opportunities for Nigerians?
AInvestment in social services
BIndustrialization
CEconomics planning
DEradication of illiteracy
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Question 1053
jamb1986
The difference between the Gross Domestic Product and the Gross National Product is?
Aallowance for total depreciation
Btotal interest payments
Ctotal tax and interest payments
Dnet income from aboard
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Question 1054
jamb1986
Which of the following methods is most likely to lead an economy?
AAn increase in wages and profits
BAn increase in consumer demand
CA greater fraction of national Product going into investment
DA countinuous rise in bank loans
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Question 1055
jamb1986
ECOWAS will enable the countries involved to achieve
Acomparative political advantage over other countries not in the region
Ba large market for their products
Cmilitary superiority over countries not in the region
Dlower the transportation codt of goods wthin the region
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Question 1056
jamb1986
A society which forgoes present consumption
Ais forced to do so because of excessive consumption within the country in the past
Bis devoting new resources to new capital formation
Cis merely devoting resources to the replacement of capital
Dexpects to consume only that amount tomorow which was forgone today
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Question 1057
jamb1986
The term of trade often measured by the ratio of the index of export
Adivided by the index of import prices multiplied by 100
Bmultiplied by the index of import prices
Cplus the index of import prices multiplied by 100
Dminus the index of import prices
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Question 1058
jamb1986
The term balance of trade, can be defined as the?
Arelation between value of exports and value of imports over a given period of time
Bbalance owed to the rest of the world in payment for imports
Cprice paid for imports in term of exports
Drelation between payments of all kind made by a country to the rest of the world, over a given period of time
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Question 1059
jamb1986
Balance of payment deficit in Nigeria CANNOT be solved by
Aimporting more goods and services
Bdevaluation of the currency
Cimposing import duties
Dimposing import bans on some commodities
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Question 1060
jamb1986
In international trade, a country specializes in the production of a commodity or group of commodities for which it has?
