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 discussing the reasons why wages differ between occupations, which of the following should be regarded as a cardinal point that needs to be emphasized?
ALength and cost of training
BDemand and supply
Cattractiveness of the job
DInfluence of the trade union
EGovernment intervention
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Question 2122
jamb1984
The production within the domestic territory of a country is called the
Anet national product
Bgross domestic product
Cnet income
Ddisposable income
Egross national product
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Question 2123
jamb1984
Division of labour is limited by?
Athe size of market
Bthe productivity of capital
Ccost of production
Dthe factors of production
Egovernment policy
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Question 2124
jamb1984
Demand for a commodity by a consumer is the quantity of that commodity that the consumer
Ademands at a given price at a point in time
Bdemand at a given price
Cactually digests
Dproduces, given its price
Ecan store away during bnad weather
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Question 2125
jamb1984
The main economic objective behind the production of goods and services in any economy is to?
Amaximize profits
Bsatisfy human wants
Cbecome self reliant
Dcreate job opportunities
Emake people wealthy
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Question 2126
jamb1983
Which of the following are direct taxes?
ASales taxes
BExcise taxes
CIncome and company taxes
DTarrif duties
ECommodity taxes
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Question 2127
jamb1983
The curves Do Do and SoSo are the demand and supply curves respectively. What happens when government subsidizes producers in order to boost output?
AThe supply curve will shift from SoSo to S2S2
BThe supply curve will shift from SoSo to S1S1
CThe supply curve will shift fromS 2S2 to S1S1
DThe supply curve will shift from S1S1 to SoSo
EThe demand curve will shift from DoDo to D1D1
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Question 2128
jamb1983
In perfect competition a firm's price is equal to its marginal revenue which is again equal to average revenue. This form maximizes its profits when its marginal cost (MC) is equal to price (p). Which of the curves in the diagram below represents the firm's marginal cost (MC)?
ACurve I
BCurve ll
CCurve lll
DCurve lV
ECurves l and lll
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Question 2129
jamb1983
In the diagram P1 S is a supply curve for a manufactured. it is shows that
Awhen price is OP1 quantity supplied is infinitely elastic
Bthe higher the price the greater the quantity supplied
Cthe higher the price the lower the quantity supplied
Dwhen price is zero quantity supplied becomes infinite
Ewhen price is infinite quantity supplied becomes zero
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Question 2130
jamb1983
What is the market equilibrium price?
A5.00
B8.00
C9.00
D7.00
E6.00
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Question 2131
jamb1983
Nigeria is currently implementing the?
Athird development plan
Bsecond development plan
Cfourth development plan
Dfifth development plan
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Question 2132
jamb1983
Differentiated product is the characteristic feature of?
Aperfect competition
Bpure competition
Cmonopolistic competition
Dmonopoly
Eoligopoly
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Question 2133
jamb1983
Demand for a factor of production is?
Aa composite demand
Ba joint demand
Ca derived demand
Dan elastic demand
Ecross-elasticity of demand
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Question 2134
jamb1983
Full employment is a situation in which?
Aevery adult is employed
Ball adults who can work are employed
Call person who attained the age of 15 and above are employed
Donly the disabled are not employed
Eall those who are able and eligible can find employment
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Question 2135
jamb1983
When demand is elastic, it means that consumers
Areact more proportionately to price change
Bare not sensitive to price changed
Cwill stop buying when price increases
Dreact less proportionately to price change
Ereact equally to price change
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Question 2136
jamb1983
NEPA as a public corporation is?
Aa power generating industry in Nigeria
Borganized in a perfect competitive market
Ca duopoly
Da monopolistically competitive industry
Ea monopoly
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Question 2137
jamb1983
Age-structure in Nigeria is such that the working age-group is in the years
A1-15
B15-65
C30-40
D40-65
E65 and above
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Question 2138
jamb1983
Which of the following defines Economics most comprehensively?
ABuying and selling
BOrganization and Industries
Cstudy of human behaviour in the allocation of scarce resources
DNational development planning and budgeting
EBanking and Insurance
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Question 2139
jamb1983
Agriculture plays a dominant role in West Africa economics because
Athe green Revolution in Nigeria is agriculture
Bit supplies all the foodstuff consumed in West Africa
Cthere are large plantation of cocoa, groundnut and palm oil in West Africa
Dit is the main source of revenue in Nigeria
Eit employs more than 50% of the total labour force in West Africa
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Question 2140
jamb1983
Money performs a number of functions, ONE of these functions makes is possible for any person to provide for old age?
