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.
The money which government spends yearly for the maintenance of its school is?
Aused only for wages and salaries
Bpart of the government's capital expenditure
Cpart of the government's recurrent expenditure
Dthe government's budget for its school
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Question 2032
jamb1987
A budget with a projected revenue in excess of its expenditure is said to be?
Abalanced
Bsurplus
Cdeficit
Dinflationary
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Question 2033
jamb1987
In order to raise more revenue for a certain period, government should impose higher taxes on goods whos demand is?
Aelastic
Binelastic
Cperfectly elastic
Dunitary elastic
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Question 2034
jamb1987
Ad valorem tax means?
Aa certain percentage tax based on the value of the commodity
Ba certain percentage tax based on the volume of the commodity
Ca tax on the income of the consumer
Dpayment of a tax on the profits made
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Question 2035
jamb1987
If inflation is anticipated to continue?
Apeople will lose confidence in goods
Blenders will demand higher interest rate
Cthe growth of full employment output will be accelerated
Dpeople will want to hold more money
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Question 2036
jamb1987
In the keynesian model?
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 2037
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 2038
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 2039
jamb1987
A limited liability company is usually owned by?
Aan individual
Ba government
Cshareholders
Dtwo or more partners
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Question 2040
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 2041
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 2042
jamb1987
The liability of the sole trader is?
Aindeterminable
Bunlimited
Ctransferable
Dlimited
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Question 2043
jamb1987
To which of the following sectors do services belong?
APrimary
BSecondary
CTertiary
DConstruction
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Question 2044
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 2045
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 2046
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 2047
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 2048
jamb1987
For normal goods the income elasticity of demand is?
Apositive
Bnegative
Czero
Dinfinite
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Question 2049
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 2050
jamb1987
A shift in the demand curve for commodity when the supply curve is vertical will lead to a change in the?
