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.
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 22
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 23
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 24
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 25
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 26
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 27
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 28
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 29
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 30
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
