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In which of the following economic system is the consumer referred to as the king?
ACapitalist economy
Bsocialist economy
Ccommunist economy
DMixed economy
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Question 22
waec2001
The difference between the highest and lowest in a set of data is
Arange
Bmedian
Cvariance
Dmode
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Question 23
waec2001
Which of the following is the function of an entrepreneur?
AAvoidance of risks
Bdecision making
Cemployment control
DOrganizing unions
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Question 24
waec2001
Reward for entrepreneurship is
Arent
Bwages
Cinterest
Dprofit
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Question 25
waec2001
Quasi-rent refers to
Apayment made on aquisition of a firm's premises
Bpayment made for the procurement of tools and equipments
Creturns on investment
Dpayments made on any factors of production that is temporaly fixed in supply
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Question 26
waec2001
The economic system in which resource are privately owned dis known as
ACapitalism
BSocialism
Ccommunism
Dunitarism
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Question 27
waec2001
Economic problems arises because
Aresource are scarce relative to wants
Bman is insatiable
Cmoney is scarce
Dman engages in too many economic activities
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Question 28
jamb2001
The table above shows a demand schedule for eggs. What is the equilibrium price?
AN 100
BN110
CN60
DN80
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Question 29
jamb2001
The diagram shows the total utility curve. At the point M, marginal utility
Aincreases
Bis unity
Cdiminishes
Dis zero
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Question 30
jamb2001
A country with over-valued currency will?
Aexpect balance of payments surplus
Bhave increased demand forthe exports
Cincrease her foreign reserve
Ddecreased her foreign reserve
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Question 31
jamb2001
The major reason why nations engage in international trade is that?
Ait allows free movement of factors of production
Bit makes possible the use of capital-intensive method of production
Cnations are substantially different in their endowments of economic resources
Dit affords the trading nations the opportunity to earn high profit
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Question 32
jamb2001
The loans from the World Bank to developing countries are mainly to support?
Athe establishment of more universities
Bcapital-intensive technology
Cinfrastructural investments
Dtheir low level of consumption
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Question 33
jamb2001
GNP is not a good measure of social welfare because there are unrecorded?
Aindirect taxes
Bsocial costs
Cgovernment subsidies
Dtransfer payments
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Question 34
jamb2001
If the labour force in a given community is 2,000,000, in the wage employment 200,000 and the unemployed are 80,000, what is the unemployment rate in the community?
A0.4%
B40.0%
C10.0%
D4.0%
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Question 35
jamb2001
In order to accelerate economic development, a country must?
Astimulate her population growth rate
Bpursue a high population growth rate
Cpursue a rational population policy
Dpursue an incremental population policy
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Question 36
jamb2001
Money may not be accepted as a store of value if?
Aits value is unstable
Bit is easily transferable
Cits value is stable
Dit is easily divisible
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Question 37
jamb2001
The distribution channel that contributes most to the cost of production is?
Aproducer-wholesaler-consumer
Bproducer-retailer-consumer
Cproducer-retailer-wholesaler-consumer
Dproducer-wholesaler-retailer-consumer
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Question 38
jamb2001
National debts is an expected outcome of?
Adeficit budget
Bconsolidation budget
Cbalanced budget
Dsurplus budget
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Question 39
jamb2001
The reduction of high fertility rate is a measure in population control designed to make the?
Afemale population higher than the male
Bfemale and male population equal
Cmale population higher than the female
Dgrowth in population more sustainable
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Question 40
jamb2001
In Nigeria, revenue sharing from the federation Account is between the?
Aexecutive, the judiciary and the legislature
Bfederal and state governments and the parastatals
