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.
One of the techniques of monetary control used by the Central Bank of Nigeria is?
Aselective credit control
Bbudget deficit
Cforeign exchange control
Dmonitoring the general price level
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Question 1602
jamb1998
Crude petroleum is a good example of a?
Alasting asset
Bwasting asset
Csynthetic product
Dcostless resources
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Question 1603
jamb1998
The petroleum industry in Nigeria is?
Athe sole source of the nation's revenue
Bthe oldest industry in the country
Cthe mainstay of the economy
Da factor in the decline in the nation's foreign reserves
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Question 1604
jamb1998
Export-promotion policy is primary concerned with the?
Aprocessing of raw materials to increase their value
Bmaking of international routes safe for export commodity
Creduction in the number of imported items
Dencourage of the production of export commodities
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Question 1605
jamb1998
In many developing countries, infrastructural problems is acute due to the shortage of?
Aindustries and industrial equipment
Bsavings, investment and consumption
Cnatural resources for development
Dsupporting services that encourage economic activities
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Question 1606
jamb1998
A factor that influences the location of a firm near its market is the?
Atransportation of bulky raw materials
Bexternal economies
Chigh cost of transporting finished goods
Davailability of skilled manpower
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Question 1607
jamb1998
An entirely domestic effort directed at improving agricultural production in Nigeria is the?
AAgricultural Development Programme
BAgro-industrial Development Scheme
CFood and Agricultural Organization
DNational Land Development Authority
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Question 1608
jamb1998
The sector that employs the largest proportion of the active labour force in Nigeria is the?
Aoil sector
Bfederal civil services
Cfinancial sector
Dagricultural sector
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Question 1609
jamb1998
Which of the following can have their shares quoted on the stock exchange?
APublic corporations
BA partnership
CA consumer corporative
DA public limited liability company
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Question 1610
jamb1998
One form of business organization which is not motivated solely by the profit objective is the?
Ajoint stock company
Bprivate limited company
Cco-operative society
Dordinary partnership
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Question 1611
jamb1998
Liquidation of limited liability company implies that the?
Acompany may not pay its debt
Bdebts of the company can only be paid from its own assets
Cdebts of the company are paid from both business and private funds of the owners
Ddebts of the company musts be paid from public funds only
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Question 1612
jamb1998
Unlike the retailer, the wholesaler provides?
Auseful information to the manufacturer about consumers'taste
Bafter-sales services to the consumers
Cuseful information to the costumers on the benefits and uses of the product
Duseful information about market trends and finance to the manufacturer
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Question 1613
jamb1998
The producer in a perfectly competitive market is faced with a demand curve whose elasticity is?
Aunitary
Bgreater than one
Cinfinite
Dless than one
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Question 1614
jamb1998
Given that the elasticity of demand for a commodity is 2.5, the percentage change in the quantity demanded as a result of a 10 percent change in it price is?
A0.25
B0.40
C4.00
D25.00
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Question 1615
jamb1998
If an increase in the price of a commodity leads to increase in total revenue, then it means that the demand for this commodity is?
Anormal
Belastic
Cinelastic
Dabnormal
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Question 1616
jamb1998
When a firm is reaping economies of large-scale production, it experiences a fall in its?
Along-run marginal cost
Blong-run average cost
Clong-run total cost
Dshort-run marginal cost
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Question 1617
jamb1998
Which of the following statements best describes the relationship between average product and marginal products?
AMarginal product and average product curves rise and falls together
BMarginal product equals average product at the minimum point of the latter
CAverage product curve will rise as product is greater than average product
DMarginal product at the maximum point of the fomer
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Question 1618
jamb1998
Specialization often improves economic performance because it?
Apermits exploitation of economies of scale
Bincorporates external economies
Cis based on the law of variable proportions
Dallocates resources according to absolute advantage
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Question 1619
jamb1998
The short-run period in production is defined as a period when?
Athere is at least one fixed factor
Ball costs of production must be covered
Cthe output cannot be varied
Dcurrent output is not profitable
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Question 1620
jamb1998
Given that
B = Births
D = Death
X = Emigrants
M = Immigration
The population of a country over a period of time will rise if?
