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.
Athe demand for money is inversely related to the rate of interest
Binvestment is directly related to the rate of interest
Cinvestment is not related to the rate of interest to the rate of interest
Dthe demand for money is directly related to the rate of interest
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Question 12
jamb1987
The main reason for charging interest is to?
Areward enterpreneurial effort
Bredistribute profits
Creward investors for present use of profits
Dmobilize more funds for development
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Question 13
jamb1987
Money market differs from capital market in that it?
Adeals with short-term loans while capital market deals with long-term funds
Bdeals with money only while capital market deals with capital as well
Cis limited in scope while capital market is not
Duses interest rate while capital does not
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Question 14
jamb1987
A limited liability company is usually owned by?
Aan individual
Ba government
Cshareholders
Dtwo or more partners
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Question 15
jamb1987
Which of the following is a disadvantage of regional concentration of industries?
ADevelopment of congested urban areas
BExistence of regional unempolyment
CHigh cost of labour
DImmobility of labour
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Question 16
jamb1987
Which of the following is NOT a type of business ownership?
ADebenture holding
Bprivate company
CParnership
DJoint Stock venture
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Question 17
jamb1987
The liability of the sole trader is?
Aindeterminable
Bunlimited
Ctransferable
Dlimited
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Question 18
jamb1987
To which of the following sectors do services belong?
APrimary
BSecondary
CTertiary
DConstruction
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Question 19
jamb1987
What form of market is found in an imperfect competition where there are few buyers and many sellers?
AOligopoly
BMonopoly
CDuopoly
DOligopsony
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Question 20
jamb1987
Which of the following is compatible with a firm in a purely competitive market?
Ademand is inelastic
Bdemand is infinitely inelastic
CMarginal Cost is falling
DPrice is greater than Marginal Cost
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Question 21
jamb1987
An increase in supply will lower price unless?
Asupply is perfectly inelastic
Bdemand is perfectly inelastic
Cit is followed by an increase in demand
Ddemand is highly inelastic
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Question 22
jamb1987
If a good is an inferior good, then?
Ait is also necessarily a Giffen good
Bthe quality of the goods demanded varies inversely with its price
Cits income elasticity of demand is negative
Dthe poor buy the good only out of habit
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Question 23
jamb1987
For normal goods the income elasticity of demand is?
Apositive
Bnegative
Czero
Dinfinite
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Question 24
jamb1987
Given an original price of N3.50 per kilogram of rice and a change in price of 1.40, and given the quantity purchase at the old price as 10kg and a change in the quality as 5kg after the price change, the elasticity is equal to?
A10.20
B3.57
C1.25
D0.80
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Question 25
jamb1987
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
Aprice only
Bquantity only
Cquality only
Dprice and quantity
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Question 26
jamb1987
In the operation of market forces, the market is in equilibrium at the point where?
Ademand and supply curve intersect in more than one point provided the market is cleared
Bthe excess in market can be conveniently stored
Cexcess demand is negative
Ddemand and supply curves intersect
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Question 27
jamb1987
Price can be defined as?
Aa rate of exchange
Ba mediumof exchange
Cthe cost of product
Dthe standard of accounting
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Question 28
jamb1987
In the process of shopping, Mr. X whose wages per month does not exceed N200, finds that the price of a commodity he used to purchase with a fixed amount of N200 has risen to N230,. He therefore decides not to buy this commodity at all. Mr. X is thus affected by the?
Asubstitution effect of a price change
Bincome effect of a price change
Copportunity cost of a price change
Dinflation effect of a price change
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Question 29
jamb1987
In the long run a firm will leave an industry if price?
Adoes not cover at at least Average Total Cost
Bis not equal to Marginal Cost
Cis higher than Average Varriable Cost
Dis not at least equal to the minimum of Marginal Cost curve
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Question 30
jamb1987
The shut-down point for a firm in the short run is the output at which?
