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 advantages which firms obtain directly from expanding their operations are referred to as?
Ainternal economies of scale
Bexternal economies of scale
Ceconomics of localization
Deconomies of resources allocation
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Question 42
jamb1995
What is meant by labour supply?
ANumber of people in working population
BNumber of men and hours they work
CNumber of hours during which the middle aged persons work
DNumber of workforce multiplied by the hours they work
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Question 43
jamb1995
The population of Oh-aha L.G.A. WAS 480 000 in December 1980, out of which 60% were females . If within one year no birth were recorded, but 5% of the L.G.A. in December 1981?
A96 000
B192 000
C288 000
D470 400
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Question 44
jamb1995
An aging population is a population?
Awith a high dependency ratio
Bwith many young people
Cin which the number of old persons is increasing
Dthat is dominated by very old people
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Question 45
jamb1995
The problems of conducting census include?
Ahigh rate of rural-urban migration
Bpoor geographical distribution of population
Chigh birth rate in tthe coutry
Dpoor town planning in urban areas
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Question 46
jamb1995
The active intervention of the central authorities in the management of a country's economy rest upon the?
Afailure of the market force to produce satisfactory result
Bsuperiority of the centrally planned economy over the private enterprise economy
Cresult-oriented nature of the private enterprise economy
Dcost-minimization strategy of a mixed economy
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Question 47
jamb1995
What to produce in any society is determined by the?
Aexpenditure of the people on different commodities
Bcompetition among the different producers
Ccompetition among the different consumers
Dsupply and demand in the factor markets
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Question 48
jamb1995
A student in Obu'pu Secondary School discovers that he simultaneously needs a pen, an exercise book, an eraser and a ruler, but that he can purchase only one of these items. What is the first thing he is expected to do?
ACheck how much he has
BFind out which is the cheapest of the items
CDraw up a scale of preference
DWeigh the opportunity cost of each item against the other
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Question 49
jamb1995
The ultimate objective of Economics is to?
Amake effort to understand how the Economy works
Bmake the best use of scarce resources
Corganize production at the lowest cost
Ddecide under what circumstances the government should intervene inthe economy
