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.
In commercial banking, an account from which the customer cannot withdraw money instantly is a?
Ademand deposit account
Btime deposit account
Cspecial deposit account
Dsavings deposit account
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Question 13
jamb1997
Which of the following is inflationary?
AAn increase in taxation
BAn increase in savings
CA decrease in money supply
DAn increase in government expenditure
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Question 14
jamb1997
The most important attribute of money is?
Ahomogeneity
Brelative scarcity
Cdivisibility
Dgeneral acceptability
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Question 15
jamb1997
The main problem of the Organization of Petroleum Exporting Countries is how to?
Aprevent members from violating their quota
Benhance the quality of petroleum product
Ccompete with the North Sea producers
Densure viable crude reserves
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Question 16
jamb1997
A glut in the world market for crude oil means?
Aa fall in crude oil production
Ban excess supply of crude petroleum
Ca higher crude oil price offered by the buyer
Da higher crude oil price demanded by the seller
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Question 17
jamb1997
One of the dangers of the localization of industries is?
Aresidual employment
Bmass unemployment
Cstructural unemployment
Dcyclical unemployment
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Question 18
jamb1997
A firm is said to have benefited from external economies in production if it has realized?
Aa more efficient management of resources
Ba better combination of factors of production
Creduced resources costs due to operation of other firms
Da higher profit level due to increased sales
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Question 19
jamb1997
Plywood industries are often located near the source of?
Afinance
Blabour
Cpower supply
Draw materials
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Question 20
jamb1997
What is the effect of inelastic demand for agricultural products on the income of a farmer?
AA price rise results in its fall
BA price fall results in its fall
CA price fall results in its rise
DA price rise leaves the income unchanged
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Question 21
jamb1997
The most important requirement for increasing agriculture output in Nigeria is?
Afor the government to go into large scale farming
Bto employ relevant foreign technology and reform the land tenure system
Cto increase farmers'incomes and improve the farming techniques
Dto employ more extension workers
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Question 22
jamb1997
The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?
Aincrease their output
Bdecrease their output
Ckeep their output constant
Dhoard their output
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Question 23
jamb1997
The shares that must be redeemed first at liquidation of a company are?
Apreference shares
Bnon-voting ordinary shares
Cordinary shares
Ddebentures
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Question 24
jamb1997
A form of business organization which is characterized by limited authority and liability of individual owners is the?
Asole proprietorship
Bpartnership
Cjoint stock company
Dco-operative society
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Question 25
jamb1997
The best channel of distribution of baked bread is through?
Awholesalers to retailers then to consumers
Bdirect sales to consumers
Cwholesalers to consumers
Dretailers to consumers
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Question 26
jamb1997
A market where there are many differentiated products is called?
Amonopoly
Bperfect competition
Cmonopolistic competition
Doligopoly
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Question 27
jamb1997
If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?
Aless than one
Bequal to one
Cgreater than one
Dequal to zero
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Question 28
jamb1997
The elasticity of demand for a firm's product is 2.
If the firm reduces its price by 20 percent, its sales revenue will increase by?
A10 per cent
B20 per cent
C30 per cent
D40 per cent
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Question 29
jamb1997
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?
Athe equilibrium price and quantity will increase
Bonly the price will increase
Conly the quantity will increase
Dthe price will remain constant
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Question 30
jamb1997
Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
