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 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 2042
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 2043
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 2044
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 2045
jamb1987
The shut-down point for a firm in the short run is the output at which?
Athe pricr of the product is lowest
Bmarginal Cost is constant
CAverage Variable Cost is not covered
DAverage Cost is minimum
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Question 2046
jamb1987
The form of capital which is usually consumed or transformed into finished goods and services in the production process is called?
Aindustrial capital
Bsocial capital
Cfixed capital
Dcirculating capital
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Question 2047
jamb1987
In the history of Economic Thought the concept of Division of labour is usually associated with?
ADavid Richardo
BJ.M. Keynes
CAdam Smith
DKarl Marx
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Question 2048
jamb1987
The residual of production which accrues to the owner of land after all other expenses have been met is called?
Awages
Brent
Cinterest
Dprofit
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Question 2049
jamb1987
Efficiency of labour is enhanced by?
AAverage Total Cost less the sum of Varriable Cost
Bhalf the sum of all costs
CTotal Fixed Cost divided by the the level of output
DTotal Fixed Cost plus Marginal Cost
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Question 2050
jamb1987
Labour productivity is defined as?
Aoutput per man/hour
Baverage output
Cthe maximum number of hours worked
Dtotal level of output
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Question 2051
jamb1987
The additional revenue obtained by using one more unit of a factor is called its?
Amarginal product
Badditional product
Cmarginal revenue product
Daverage product
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Question 2052
jamb1987
Market is defined as?
Aone geographical location where people meet to buy and sell
Bthe demand and supply of goods and services
Ca group of people whose sole interest is to make profit
Dany organizational framework which links the buyers and sellers of a good and service
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Question 2053
jamb1987
Which of the following best describes the concept of opportunity cost?
Aa special bargain or scale at below market price
BCost of input tends to go up as we use more of them
CGoods that are not produced in order to produce more of another good
DA cost that constantly decreases
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Question 2054
jamb1987
The study of economic behavior of individual decision-making units (consumers, resources owners and business firms) in a free-enterprise economy is known as?
Amicroeconomics
Bmacroeconomics
Cproduction
Dindifference curve
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Question 2055
jamb1987
A production possibility curve shows?
Ahow much of the resources of society are used to produce a particular commodity
Bthe rate of inflation
Cthe rate of unemployment in the economy
Dthe various combinations of two commodities that can be produced
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Question 2056
jamb1986
An nation's distribution of income shows?
Athe value of all goods produce inthe economy
Bhow income is divided among different groups
Cwhere the economy system is on its production possibility curve
Dthe consumption behaviour of the people
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Question 2057
jamb1986
Which of the following strategies will provide more employment opportunities for Nigerians?
AInvestment in social services
BIndustrialization
CEconomics planning
DEradication of illiteracy
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Question 2058
jamb1986
The difference between the Gross Domestic Product and the Gross National Product is?
Aallowance for total depreciation
Btotal interest payments
Ctotal tax and interest payments
Dnet income from aboard
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Question 2059
jamb1986
Which of the following methods is most likely to lead an economy?
AAn increase in wages and profits
BAn increase in consumer demand
CA greater fraction of national Product going into investment
DA countinuous rise in bank loans
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Question 2060
jamb1986
ECOWAS will enable the countries involved to achieve
Acomparative political advantage over other countries not in the region
Ba large market for their products
Cmilitary superiority over countries not in the region
Dlower the transportation codt of goods wthin the region
