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.
Care borne by all (renter, owner occupiers and landlords)
Dare borne only by renters
Eare borne by a few industrialist
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Question 12
jamb1984
Lord Keynes identified three motives for holding money, that is, keeping one’s resources in liquid form instead of in some form of investment. the motive which relates to making provision for the ‘rainy day’ is known as?
Aspeculative motive
Bprecautionary motive
Ctransactions motive
Dinvestment motives
Erainy day motive
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Question 13
jamb1984
Cost push inflation takes place due to?
Athe rapid increase in the demand for goods
Ban increase in productivity of the factors of production
Ca rise in the cost of production
Da rise in the standard of living
Ethe low wage rate of the workers
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Question 14
jamb1984
The Central Bank instrument of control does NOT include
Aopen market operation
Bmoral sanctions
Creverse requirements
Dselective credit control
Eprinting bank-notes
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Question 15
jamb1984
The most important characteristic of money is?
Aportability
Bintrisic value
Cacceptability
Dusefulness
Ebeauty
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Question 16
jamb1984
The most important factor determining the location of the cement industry in Nigeria today is ?
Acapital and government policy
Bthe nature of the product, infrastructure and government policy
Cnearness to the market and source of power
DPrice of the product and source of labour
Eraw materials
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Question 17
jamb1984
The basic principles of co-operative societies are those of?
Aactive participation of capitalist in the affairs of co-operative societies
Bworker ownership and worker control
Csole proprietorship
Dpartnership
Edenying of credit facilities to members
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Question 18
jamb1984
The economic goal of public utilities is to?
Amaximize profit
Bexpand assets
Cminimize costs
Dprovide essential services
Epay higher dividends to shareholders
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Question 19
jamb1984
Which of the following is NOT true of debentures and debenture holders?
ADebentures are instruments for rising long-term capital by limited liability companies
BDebenture are fixed interest-bearing securities with specified maturity dates
CDebentures holders are creditors to the company and therefore do not share in the risk of the company
DDebenture holders are entitled to interest payments whether or not profits are made
EPreference shareholders recieve their share of profits before debenture holders receive their entitlements
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Question 20
jamb1984
The channel for food distribution in Nigeria consist of?
Afarmers and their families
Bproducers, wholesalers and retailers
Cproducers and consumers
Dproducers and processor
Efarmers, processors and consumers
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Question 21
jamb1984
One disadvantage of sole proprietorship is its?
Alimited libility
Bhigh profits
Chigh sense of ownership
Dlow credit rating
Elow failure rate
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Question 22
jamb1984
pricing and output decisions of sellers are highly interdependent in markets known as?
Aoligopoly
Bperfect competition
Cmonopoly
Dmonopolistic competition
Eimperfect competititon
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Question 23
jamb1984
A perfectly competitive firm does not influence the demand for its commodities by lowering its price below the market price because?
Ait is illegal price cutting
Bother competitors will be angry
Ctotal revenue will decline due to its elastic demand curve
Dit is able to sell all it wants at the market price
Eit does not maximize profit
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Question 24
jamb1984
In taxation, the benefit principle requires that?
Aeverybody must draw benefit from taxation
Ball those who earn more income must pay more taxes
Conly those who derive benefit from services provided from public revenue should be taxed
Dtaxes paid by businesses should be shifted to those consumers benefiting from such consumer commodities
Eeverybody pays an equal amount
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Question 25
jamb1984
An imperfectly competitive market is one where?
Aa large number of firms sell homogenous products
Binput and output prices are unaffected
Ceach firm faces aa horizontal demand curve
Deach firm maximize profit by selecting an output level at
Ecommodities are differentiated
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Question 26
jamb1984
A demand curve slopes downwards because of ?
Aan increase inthe money income of the consumer
Ba decrease inthe money income of the consumer
Cthe substitution effect and the rise in real income of the consumer
Dthe rise in demand for the complementary goods
Ethe increase in the demand for factors and production
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Question 27
jamb1984
For a non-discriminating monopolist in Nigeria, price at the profit maximizing output is
Aequal to marginal cost
Bgreater than marginal cost
Cgreater than average total cost
Dequal to marginal revenue
Eequal to toal revenue
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Question 28
jamb1984
The control of prices by legislation usually produces a number of consequences. Which of the following is NOT an association problem of maximum price control?
AExcess supply
BFavouritism
CBribery and corruption
DBllack marketing
EHoarding
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Question 29
jamb1984
For two substitution goods, the cross elastic of demand is?
Agreater than one but less than two
Bzero
Cnegative
Dpositive
Einfinity
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Question 30
jamb1984
If X and Y are two goods, then the cross elasticity of demand for X WITH RESPECT TO y is defined as the?
Apercentage change in the quantity of X divded by the percentage change in the price of Y
Bpercentage change in the quantity of X divided by change in the price of Y
Cchange in the quantity of X divided by change in the price of Y
Dpercentage change in the quantity of X divided by the price Y
Epercentage change in the price of X divided by percentage change in the quantity of Y
