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.
Dare allowed time enough to mature for recognition
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Question 32
jamb1995
The crucial factors which determine the location of petroleum refineries in Nigeria are availability of raw materials and?
Acapital
Bpolitical consideration
Cnearness to source of power
Dlabour
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Question 33
jamb1995
The government can influence the price of agriculture products by?
Afixing minimum prices when agricultural output is low
Bfixing maximum prices in years of bumper harvest
Cthe use of buffer stock and stabilization funds
Dpaying all farmers producing identical crops a uniform amount of money
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Question 34
jamb1995
In recent times, agriculture in Nigeria tends to lose its vital labour force as a result of?
Alack of an effective agricultural policy
Bemployment opportunities in the oil sector
Crural-urban drift
Dlow prices of agricultural products
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Question 35
jamb1995
Which of the following statement are TRUE of agriculture in Nigeria? (i) it provides food for the growing population?
(ii) A large proportion of the population is engaged in agriculture.
(iii) Agriculture products are used as raw materials by the local industries.
(iv) It serves as sources of heavy equipment to local industries.
Ai and ii only
Bi,ii and iii only
Ci, ii and iv only
Dii and iii only
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Question 36
jamb1995
When public enterprises become commercialized, it means that?
Athe product of the enterprises are further subsidized
Bthey are expected to operate with the primary aim of making profits
Cthe government has decided to divest itself of such enterprises
Dthe staff of the enterprises will be laid off
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Question 37
jamb1995
One of the major advantages of public enterprises is that?
Athey are highly subsidize
Bthey are the largest employers of labour
Ctheir operations are highly standardized
Dthey take prompt decisions and actions
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Question 38
jamb1995
The major reason for the survival of small shops despite competition from large business enterprises is because of?
Athe small capital outlay involved
Bregularity and constant supply of commodities by them
Ctheir local srvices and longer hours of operation
Dtheir level of managerial competence
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Question 39
jamb1995
In a joint stock company, preference shareholders are those who receive?
Ahigh dividends when profits are high and little or nothing when profits are low
Ba fixed rate of individend and have the first claim on the net profits of the company
Cthe remaining profits after all other shareholders have been paid
Ddividends quarterly when others receive annually
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Question 40
jamb1995
Stocking small quantities of a variety of goods is a function of the?
Amanufacturer
Bwholesaler
Cretailer
Dconsumer
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Question 41
jamb1995
Both in the short run and in the long run, a firm maximizes its profits when?
AMC = MR
BAC = MC
CAVC = AC
DMC = AVC
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Question 42
jamb1995
If y represents the income earned by workers in a factory, find the range of their income which satisfies the following inequality: 4Y - 300 > 500.
Ay > 300
By > 250
Cy > 200
Dy > 150
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Question 43
jamb1995
What is the elasticity of demand for commodity X, if at a price of N25 the quantity demanded is 80 and when the price is reduced to N20 the quantity demanded is 100?
A1.25
B1.45
C0.25
D0.15
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Question 44
jamb1995
In order to maximize his profit, a businessman who faces a very elastic demand for his product is advised to?
Aslightly increase the price of his product
Bslightly reduce the price of his products
Cleaves his price unchanged
Ddiscriminate his prices
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Question 45
jamb1995
In a free market economy, available resources are more efficiently allocated by complete reliance on?
Adevelopment planning
Bstrategic planning
Ccapital budgeting
Dprice system
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Question 46
jamb1995
Which of the following statement is TRUE of the effect of changes in demand and supply on price?
AA decrease in supply will lead to fall in price and a fall in the quantity bought and sold
BAn increase in demand will lead to a fall in price and quantity bought and sold
CA decrease in demand will lead to a rise in price and in the quantity bought and sold
DAn increase in supply will lead to a fall price and a rise in the quantity bought and sold
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Question 47
jamb1995
The effect of changes in the condition of demand on a demand schedule with the price constant is?
AA movement along the demand curve
Bdeflation of the demand curve
Chyperbola formation by the demand curve
Dshift of the demand curve
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Question 48
jamb1995
The opportunity cost of the use of productive resources which a producer owns and so does not pay constitutes?
Aa fixed cost
Ban implicit cost
Ca variable cost
Da prime cost
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Question 49
jamb1995
Any payment to a factor of production in excess of what is necessary to keep that factor in its present employment is known as?
Areal income
Bprofit
Ceconomic rent
Dreal wage
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Question 50
jamb1995
The factor of production that has the highest degree of mobility is?
