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 study of Economics, land, labour, capital and entrepreneur are referred to as factors of production. These factors produce commodities only if they are?
Aprofitable to the production process
Bpurchased for the purpose of production
Ccombined in the production process
Dprovided adequately for the production process
Ebrought into the factory
View Explanation & Discuss
Question 2172
jamb1982
We can classify the people of Nigeria into three broad age group :Group one, 0-15years ; Group Two,16-64years; Group Three, 65years and above. Group Two is the most important economically because
Ait is the dependent population of Nigeria, economically
Ball student in Nigeria are in this group
Cmore than 50% of all Nigerians are in this group
Dit is the most expensive group of the economy
Eit is the productive group of the economy
View Explanation & Discuss
Question 2173
jamb1982
To calculate the annual natural growth rate of a country's population, one has to know the country's annual birth rate and
Athe size of that country
Bthe rate of immigration into that country
Cthe population census of that country
Dthe annual death rate
Ethe gross domestic product annual(GDP) of that country
View Explanation & Discuss
Question 2174
jamb1982
Economist speak about 'opportunity cost' when a person
Ahas the opporunity to attain a high degree of cost minimization
Bhas to forego one thing in order to have another
Ccan equate his fixed costs with his variable costs
Dis able to run his business without much expenditure
Ehas to maximize utility in order to maintain a high standard of living
View Explanation & Discuss
Question 2175
jamb1982
Economics is a science which deals basically with
Athe factors of production
Ballocation of scarce resources
Coil exportation
Dthe gross domestic product (GDP)
Enational income
View Explanation & Discuss
Question 2176
jamb1981
Scarcity in economics generally refers to
AA period of feminine
BMonopolization of existing supply of resources
CNationalization of sources of raw materials in Nigeria
DThe control of outlets to sell goods
ENone of the above
View Explanation & Discuss
Question 2177
jamb1981
External economies are
AThe advantage accuring to a firm as a result of its expansion
BThe advantages accuring to one firm as a result of the existence of other firms in the same locality
CBenefits derived by a firm as a result of its own individual policy
DReaped only by agricultural firms
EBound to increase the costs of production whatever the circumstances
View Explanation & Discuss
Question 2178
jamb1981
A movement along a given demand curve for a good is caused by a change in
AA consumer income
BThe price of the good
CTaste
DThe prices of other goods
EPopulation
View Explanation & Discuss
Question 2179
jamb1981
If P8 and P9 represent the population of West African in 1978 and 1979 respectively, and given that in 1979.
D= number of deaths, B= number of births, I= number of immigrants, E= number of Emigrants. Then the size of the population in 1979 is given by
AP9 = P8 + D - B = I - E
BP9 = P8 + B - D + I - E
CP9 =P8 + B - D + E - I
DP9 = B - D + I - E
EP9 = P8 + B + D + I + E
View Explanation & Discuss
Question 2180
jamb1981
Market for Garri: At a price of N5, the excess supply is`
A30 tins per week
B45 tins per week
C15 tins per week
D20 tins per week
Eindeterminate
View Explanation & Discuss
Question 2181
jamb1981
Which of the following is NOT a visible iterm in international trade payments?`
APayments for imported cars
BReceipts from coca exports
CPayments to foreign shipping companies
DPayments for steel imports
EPayments for petroleum imports
View Explanation & Discuss
Question 2182
jamb1981
Which of the following statements does NOT describe a situation of perfect competition?
AThe firm faces an infinitely elastic demand curve
BThe firm makes no pure profit in the short run
CThe price does not change with changes in the output level of the firm
DThere is freedom of entry into and exit out of , the industry
EThe firm can sell all it produces at the market price
View Explanation & Discuss
Question 2183
jamb1981
Summary of production conditions in countries l and ll.
From the table, we can correctly say in respect of international trade that
Acountry I has absolute disadvantage in the production of both cocoa and cloth
Bcountry I has absolute advantage in the prodcttion of both cocoa and cloth
Ccountry ll has absolute advantage in the production of both cocoa and cloth
Dcountry ll has a comparative advantage in the production of cocoa
Ecountry ll should leave the production of both cocoa and cloth to country l.
View Explanation & Discuss
Question 2184
jamb1981
From the above, the Growth Rate of Total National Output or GDP is
A6.45%, i.e (25 x 2 + 10 x 5 + 50 x 10 + 15 x 3)/ 100%
B20.0%, i.e. (2 + 5 + 10 +3)%
C2.95%, i.e (60 x 2 + 10 x 5 + 5 x 10 + 25 x 3)/ 100%
D5.0%, i.e,(2 +5 + 10 + 3)/ 4%
Enot obtainable
View Explanation & Discuss
Question 2185
jamb1981
In this diagram, So So is the original supply curve while S1 S1 represent?
AA movement along a give supply curve
Ban increase in supply
Cdecrease in supply
DA perfect elastic supply curve
EAn abnormal supply curve
View Explanation & Discuss
Question 2186
jamb1981
From the market demand and supply schedules for milk, we can say that equilibrium price and quantity are
A15k, 13,000
B20k, 17,500
C13k, 20,000
D18k, 18,000
E18k, 15,000
View Explanation & Discuss
Question 2187
jamb1981
Progressive income tax can be expressed as
Atax that falls as income rises
Btax that rises as income falls
Ctax that is independent of income
Dtax that rises as income rises
Etax that is neutral to income
View Explanation & Discuss
Question 2188
jamb1981
Opportunity cost is best defined as?
Athe penalty for not seizing golden opportunities
Bsacrificed alternative (output, income etc.)
Cthe cost of creating job opportunities
Dpayment made to an industrial worker
Ethe difference between fixed and variable costs
View Explanation & Discuss
Question 2189
jamb1981
Which of the following is NOT a characteristic of perfect competition?
