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 theory of comparative cost advantage is associated with
AAdam Smith
BReverend Thomas Malthus
CProfessor trum fisher
DDavid Ricardo
View Explanation & Discuss
Question 622
jamb2015
In a situation when a firm is operating in a perfectly competitive firm and the total cost is given perfectly competitive firm and the total cost is given as N75.00. If the market price is N7.00 determine the profit. When 25 units are produced
AN75.00
BN100
CN175.00
DN125.00
View Explanation & Discuss
Question 623
jamb2015
The practice of selling goods overseas and often below the cost of production is known as
Aretailing
Bdumping
Cinternal trade
Dadvertising
View Explanation & Discuss
Question 624
jamb2015
The demand and supply functions of commodity x are given as follows: Qd = 20- 2p, Qs = 6p - 12 where p = price, Qd = quantity demanded and Qs = quantity supplied. Determine the equilibrium price
AN4
BN8
CN2
DN10
View Explanation & Discuss
Question 625
jamb2015
What would encourage the growth of international division of labour?
AImprovement in transport system
BInstability in international exchange rate
CRestrictions on the movement of resources
Dincrease in tariff
View Explanation & Discuss
Question 626
jamb2015
In the diagram, the consumer budget line shift from JK to GH. What can definitely be deduced from the diagram?
AThere has been an increase in the consumer’s money income
BThere has been a reduction in the price of both A and B
CThere has been no change in the price of A or B
DThere has been no change in the price of A relative to the price of B
View Explanation & Discuss
Question 627
jamb2015
A smaller industry that grows to cater for the need of the major industry is
Asubsidiary industry
Bconstructive industry
Cmanufacturing industry
Dinfant industry
View Explanation & Discuss
Question 628
jamb2015
How can a firm benefit from external economies?
AIncreasing its expenditure on advertising
BIncreasing the workforce
CLocating in an area in which the industry is already established
DMerging with another domestic firm engaged in the same industry
View Explanation & Discuss
Question 629
jamb2015
Which of the following could be used to measure the efficiency of labour?
Arate of inflation
Binput-output ratio
Cbuying more machines
Dunemployment rate
View Explanation & Discuss
Question 630
jamb2015
In a situation where Mux represent the marginal utility of product X while Px represent the price respectively. Utility can be maximized when
AMUX = MUA
BMUX = PX
CPX = X
DPX = PY
View Explanation & Discuss
Question 631
jamb2015
When elasticity is zero, demand curve is
Aperfectly elastic
Bperfectly inelastic
Cdown-ward sloping
Dupward sloping
View Explanation & Discuss
Question 632
jamb2015
A major limiting factor of mass production is
Aefficient management
Badequate labour supply
Csmall size of the market
Dadequate supply of raw materials
View Explanation & Discuss
Question 633
jamb2015
What does the accelerator principles state?
AConsumption is a function of the rate of change of income
Bincome is a function of the rate of change of investment
CInvestment is a function of the rate of change of income
DInvestment is a function of the rate of interest
View Explanation & Discuss
Question 634
jamb2015
The total stock of money available for use in an economy is
Asupply of money
Bvalue of money
Cdemand for money
Dattribute of money
View Explanation & Discuss
Question 635
jamb2015
The situation whereby the government of a country spends more than its budgets for a given financial year is known as
Asurplus budget
Bdeficit budget
Cbalanced budget
Dminus budget
View Explanation & Discuss
Question 636
jamb2015
In which of the following economic systems do we have the means of production and exchange controlled by private individuals
Asocialist system
Bmixed system
Ccapitalist system
Dtraditional system
View Explanation & Discuss
Question 637
jamb2015
Disposable income is total income
Aless tax
Bdivided by tax
Cplus tax
Dmultiplied by tax
View Explanation & Discuss
Question 638
jamb2015
The study of broad economic aggregates is
AMacro economics
Bdeductive method of economic analysis
Cmicro economics
DInductive method of economics analysis
View Explanation & Discuss
Question 639
jamb2015
The income of an individual increases from N150 to N250 and his consumption rate increases from N100 to N150. Calculate the Marginal Propensity to Consume
A2
B0.4
C1
D0.5
View Explanation & Discuss
Question 640
jamb2015
The term of trade can be expressed as
A(Price index of export ÷ Price index of export)× 100
B(price index of import ÷ price index of export) × 100
C(Price index of export ÷ Price index of import)× 100
D(Price index of export + Price index of import)× 100
