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.
Under normal circumstances, the concept of consumers sovereignty implies that
Athe consumer and not the producer owns the means of production
Bthe producer and not the consumer determines what is to be produced
Cthe consumer and not the producer determines what is to be produced
Dboth the consumer and the producer determines what should be produced
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Question 2074
jamb1986
Which of these is the real cost of satisfying any want in the sense of the alternative that has to be foregone?
AVariable cost
Bopportunity cost
CTotal cost
DPrime cost
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Question 2075
jamb1986
Choice in economic life is necessitated by?
Athe need to construct scale of preference
Bthe opportunity cost of consumption
Cunlimited wants
Dscarcity of economic resources
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Question 2076
jamb1985
In the figure above, The broken line labelled M is the marginal revenue curve of a
AMonopoly
BCompetitive firm
CState corporation
DPartnership
EMonophony
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Question 2077
jamb1985
Study the figure above. At paint H the price elasticity of supply is
APerfectly inelastic
BInelastic
CUnit elastic
DPerfectly elastic
EElastic
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Question 2078
jamb1985
The interdependence between households and business enterprises illustrated in the figure is known as
AMarket interaction
BCash flow
CCircular flow of income
DSupply and demand for goods and services
EHousehold preference schedule
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Question 2079
jamb1985
The table illustrates the law of diminishing returns on a farm. Which pair of the following answers is appropriate for the missing information in the spaces market X and Y?
AX = 20, Y = 6
BX = 38, Y =9
CX = 46, Y = 9
DX = 46, Y = 14
EX = 10, Y = 10
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Question 2080
jamb1985
In the table, the marginal cost when output is two, units is
A16.00
B20.00
C36.00
D40.00
E48.00
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Question 2081
jamb1985
When total revenue is at a maximum, marginal revenue is?
Aconstant
Bnegative
Czero
Dpositive
Emaximum
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Question 2082
jamb1985
The unemployment associated with a recession is called?
Avoluntary
Bfrictonal
Ccyclical
Dstructural
Emaximum
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Question 2083
jamb1985
Disguised unemployment
Aexist when manpower is not being utilized efficiently
Bcalls for the implementation of five plans
Ccan be eliminated if the press is free
Dcan be eliminated if the capital output ratio is increased
Eis a statistical artifact with no economic meaning
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Question 2084
jamb1985
The act of combining factor inputs in order to obtain specific output is known as
Afactor procurement
Bmanufacturing
Cinvestment
Dindustrialization
Eproduction
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Question 2085
jamb1985
Which of the following is NOT a part of the fixed costs of a limited liability company?
AInterest on loans
BRent on buildings
CDepreciation reserves
DManagement expenditure
EWages
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Question 2086
jamb1985
Under normal circumstances a producer will bear the entire burden of taxation on his output if the?
Ademand for his product is completely elastic
Bsupply of his goods is more elastic than the demand
Cdemand for his product is more elastic than the supply
Dproduction of his commodities is subject to diminishing returns
Eproduction of his commodities is subject to increase returns to scale
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Question 2087
jamb1985
The process by which a country attempts to reduce the import of manufactured goods at home is described as?
Aexport-promotion
Bimport-substitution
Cindustrialization
Dexport-diversification
Eimport-creation
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Question 2088
jamb1985
If an economy grows at an annual rate of 6%, of which is deemed to be due to improvement in the productivity of labour and capital combined, the remaining 2% is generally attributed to
Atechnical progress
Bsize of the population
Camount of natural resources
Dthe environment
Ethe quality of human resources
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Question 2089
jamb1985
How many National Development Plans did Nigeria have between 1960 and 1984?
AOne
BTwo
CFour
DFive
ESix
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Question 2090
jamb1985
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without visa for a period of?
