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.
some of major problems hindering economic development in west Africa are in the areas of electricity supply, communication, educations and health. These items are known in Economics as?
Adevelopment projects
Binfrastructural facilities
Cmonoculture
Dcapital investment
Esuperstructure
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Question 1166
jamb1982
Taxes which are levied on a person’s expenditures are known as?
APurchase tax
BSales tax
CDirect tax
DPoll tax
EIncome tax
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Question 1167
jamb1982
The main economic goal of ECOWAS is the attainment of ?
Aregional free trade
BMultilateral trade
Cbilateral trade
Deconomic self-reliance
EThe economic emancipation of Africa
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Question 1168
jamb1982
The difference between visible exports and invisible exports of a country, in money terms, is known as the?
ABalance of trade
BBalance of payments
CTerms of trade
DForeign reserves
ESpecial drawing right
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Question 1169
jamb1982
Which one of the following functions of banks in Nigeria is reserved to the Central Bank?
AAccepting deposits
BServing as agents for payments
CIssuing bank-notes
DLending to customers
EPurchasing and selling of stock exchange securities
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Question 1170
jamb1982
The National Electric Power Authority (NEPA) is a?
APublic limited company
BPublic liability company
CPrivate authority
DPublic corporation
EFederal government authority
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Question 1171
jamb1982
Who controls a limited liability company ?
AThe general manager
BThe managing director
CThe owner of 51% of shares
DThe board of directors
EThe government
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Question 1172
jamb1982
A firm whose cost of production decrease as it continues to increase its output is said to be enjoying?
Aprofit maximization
Blarge-scale production
Ca wind fall
Dgovernment subsidies
Eeconomies of scale
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Question 1173
jamb1982
Most firms are financed by share capital. The shares which do not carry any fixed rate of dividend are known as ?
Adebentures
Bpreference shares
Cordinary shares
Dparticipating preference shares
Eold shares
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Question 1174
jamb1982
The control price for a carton of beer in Nigeria is N7.20. But a carton of beer is sold in parts of the country for as much N15.00 The cause of this exorbitant price is that?
Athere is a Government ban on the importation of beer
Bbeer distributors want more profit
CNigeria is a large country
Dmiddlemen hoard beer
Ethe demand for beer exceeds the supply
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Question 1175
jamb1982
The supply of and demand for goods and services are influenced by the?
Asupermarkets
Bentrepreneurs
Cmechanism of the law
Dmechanism of equilibrium
Eprice mechanism
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Question 1176
jamb1982
In the study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?
Aprofitable to the production process
Bpurchased for the purpose of production
Ccombined in the production process
Dprovided adequately for the production process
Ebrought into the factory
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Question 1177
jamb1982
We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because
Ait is the dependent population of Nigeria, economically
Ball student in Nigeria are in this group
Cmore than 50% of all Nigerians are in this group
Dit is the most expensive group of the economy
Eit is the productive group of the economy
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Question 1178
jamb1982
To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and
Athe size of that country
Bthe rate of immigration into that country
Cthe population census of that country
Dthe annual death rate
Ethe gross domestic product annual(GDP) of that country
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Question 1179
jamb1982
Economist speak about 'opportunity cost' when a person
Ahas the opporunity to attain a high degree of cost minimization
Bhas to forego one thing in order to have another
Ccan equate his fixed costs with his variable costs
Dis able to run his business without much expenditure
Ehas to maximize utility in order to maintain a high standard of living
