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.
If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?
Aless than zero
Bdecreasing
Cconstant
Dincreasing
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Question 22
jamb1993
A firm faces diminishing returns when its?
Atotal output diminishes
Baverage output diminishes
Cmarginal output diminishes
Dmarginal revenue diminishes
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Question 23
jamb1993
In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?
Alowest point
Bmiddle point
Cmaximum point
Ddownward slopping section
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Question 24
jamb1993
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?
A6.00 tonnes
B5.68 tonnes
C0.60 ton
D0.57 ton
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Question 25
jamb1993
An accurate census is important to a country because it helps?
Ain solving unemployment problem
Bto ensure equitable population redistribution relative to natural resources
Cin deciding on the creation of more local government
Din providing a second basis for formulating development policy
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Question 26
jamb1993
Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?
AThe infrastructural facilities in cities
BDeclining fertility of rural farmlands
CRural electrification programme
DHigher living standards in urban areas
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Question 27
jamb1993
The working population refers to?
Aa population where the average age is falling
Bthe population within the '0 -14'age bracket
Cthe economically active segment of the population
Dthe dependent population
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Question 28
jamb1993
A system in which the means of production is held in trust for the people by government is known as a?
Asocialist economy
Bcapitalist economy
Csubsistence economy
Dmixed economy
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Question 29
jamb1993
The main function of the price system is to?
Adistribute resources equally among competing ends
Bensure efficient allocation of resources in the economic system
Callocate goods and services equally
Dminimize cheating
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Question 30
jamb1993
It is impossible to satisfy all human wants because?
