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.
AAre not enough to share among producers of goods and services
BNeeded to satisfy human wants are limited
CAre never enough to share among consumers of goods and services
DRequired to meet our essential wants are unlimited
ECan be managed if those who use them can behave rationally
View Explanation & Discuss
Question 22
jamb1989
The multiplier is defined as
AThe ratio of the change in income to the change in investment
BThe change in investment divided by the change in income
C\(\frac{1}{MPC}\)
D\(\frac{1}{1-\text{MPS}}\)
View Explanation & Discuss
Question 23
jamb1989
The amount, N4.08 million, shown as balance in the table represents
Aterms of payments
Bbalance on current accounts
Cbalance of trade
Dterms of trade
View Explanation & Discuss
Question 24
jamb1989
The table gives the various levels of output (Q) and its corresponding total cost of production. (ITC) and total revenue (TR) for a firm. Which output level Q results in maximum profit?
A400
B500
C600
D700
View Explanation & Discuss
Question 25
jamb1989
In the diagram above what happens when the minimum wage is fixed at OW?
AUnemployment is reduced
BUnemployment results
CThe demand schedule will shift
Dthe supply schedule will become steeper
View Explanation & Discuss
Question 26
jamb1989
If the curve above shows the relationship between the price of commodity X and the quantity demanded of commodity Y then X and Y are
Acomplementary goods
Bsubstitutes
Cinferior goods
Dluxury goods
View Explanation & Discuss
Question 27
jamb1989
The primary goal of development planning in Nigeria is to?
Aincrease profitability of enterprises
Bachieve a rapid increase in the welfare and standard of living of Nigerians
Cincrease the level of gross domestic product
Dmake Nigeria a super-power
View Explanation & Discuss
Question 28
jamb1989
A sustained increase in the per capita income of a country over a period of time is called?
Aeconomic growth
Beconomic development
Cstructural change
Dstagflation
View Explanation & Discuss
Question 29
jamb1989
If C stands for consumption expenditure, I for investment, X for exports, and M for imports, then national income is?
AC + I + X + M
BC + I +X - M
CC + I - X + M
DC + I + X
View Explanation & Discuss
Question 30
jamb1989
The value of the total output produced within Nigeria by all residents (citizens and non-citizens) is referred to as the?
Agross national product
Bdisposable income
Cnational income
Dgross domestic product
View Explanation & Discuss
Question 31
jamb1989
The difference between gross national product and net national product is equal to?
Agross investment
Bnet investment
Cnet foreign income
Dcapital depreciation
View Explanation & Discuss
Question 32
jamb1989
The group of people engaged in banking or insurance services by occupational distributions are classified as?
Aprimary producers
Bsecondary producers
Ctertiary producers
Dtechnical producers
View Explanation & Discuss
Question 33
jamb1989
Optimum population is the population level at which?
Adeath rate is at a minimum
Bper capita income is at a maximum
Cpopulation is at a maximum
Ddeath rate is equal to birth rate
View Explanation & Discuss
Question 34
jamb1989
International and inter-regional trade differ primarily because?
Acomparative advantage is relevant to the former but not to the latter
Bproducts flow across national boundaries
Cthere are different resources supplies among countries of the world
Dof regulation from GATT
View Explanation & Discuss
Question 35
jamb1989
The law of comparative advantage states that a country should specialize in the production of a commodity
Afor which local demand is greatest
Bin which its oportunity cost is lower than that of the trade partner
Cfor which foreign demand is greatest
Dfor which there is abundant supply of raw materials
View Explanation & Discuss
Question 36
jamb1989
By using exchange controls, a country tries to eliminate a balance of payments deficit by?
Alimiting her imports to its currency value of exports
Breducing the nation's domestic price level
Climiting her exports to its currency value of imports
Dovervaluing the country's currency
View Explanation & Discuss
Question 37
jamb1989
A balance budget is defined as a condition of?
Abalance of payments equilibrium
Bequality of planned aggregate demand supply
Cequality of planned receipts and planned expenditure
Dequality of planned exports and planned imports
View Explanation & Discuss
Question 38
jamb1989
A perfect example of a public good is?
Aair
Beducation
Cwater
Dtransport
View Explanation & Discuss
Question 39
jamb1989
The main objectives of public expenditure does NOT include?
Astabilization of national economy
Bachievement of a more equitable income distribution
Cmeeting the social needs of the people
Drevenue sharing and profit maximizationn
View Explanation & Discuss
Question 40
jamb1989
The three groups of government revenue are?
Ainvestment income, direct tax and indirect tax
Bimports duties, excise tax and export duties
Ccompany tax, personal income tax and import duties
