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 most important requirement for increasing agriculture output in Nigeria is?
Afor the government to go into large scale farming
Bto employ relevant foreign technology and reform the land tenure system
Cto increase farmers'incomes and improve the farming techniques
Dto employ more extension workers
View Explanation & Discuss
Question 812
jamb1997
The suggestion that peasants in Africa have backward-bending supply curves of output implies that their response to an increase in the price of their crops will be to?
Aincrease their output
Bdecrease their output
Ckeep their output constant
Dhoard their output
View Explanation & Discuss
Question 813
jamb1997
The shares that must be redeemed first at liquidation of a company are?
Apreference shares
Bnon-voting ordinary shares
Cordinary shares
Ddebentures
View Explanation & Discuss
Question 814
jamb1997
A form of business organization which is characterized by limited authority and liability of individual owners is the?
Asole proprietorship
Bpartnership
Cjoint stock company
Dco-operative society
View Explanation & Discuss
Question 815
jamb1997
The best channel of distribution of baked bread is through?
Awholesalers to retailers then to consumers
Bdirect sales to consumers
Cwholesalers to consumers
Dretailers to consumers
View Explanation & Discuss
Question 816
jamb1997
A market where there are many differentiated products is called?
Amonopoly
Bperfect competition
Cmonopolistic competition
Doligopoly
View Explanation & Discuss
Question 817
jamb1997
If the percentage change in the income of the consumers of an industrial product is less than the resulting percentage change in the quantity demanded of the product, then the income elasticity of demand for the product is?
Aless than one
Bequal to one
Cgreater than one
Dequal to zero
View Explanation & Discuss
Question 818
jamb1997
The elasticity of demand for a firm's product is 2.
If the firm reduces its price by 20 percent, its sales revenue will increase by?
A10 per cent
B20 per cent
C30 per cent
D40 per cent
View Explanation & Discuss
Question 819
jamb1997
If a demand curve that intersects a perfectly inelastic supply curve shifts rightward, then?
Athe equilibrium price and quantity will increase
Bonly the price will increase
Conly the quantity will increase
Dthe price will remain constant
View Explanation & Discuss
Question 820
jamb1997
Given a market demand curve Q=120-2p and a supply curve Q = 4p, the equilibrium price and quantity respectively are?
A20 and 80
B30 and 120
C40 and 60
D60 and 240
View Explanation & Discuss
Question 821
jamb1997
A good is said to be inferior if its demand?
Arises as it price rises
Bfalls as it price rises
Crises as it price falls
Dis perfectly inelastic
View Explanation & Discuss
Question 822
jamb1997
The type of cost which has to be covered for a firm to continue production in the short-run is the?
Aoverhead cost
Bfixed cost
Cmarginal cost
Daverage variable cost
View Explanation & Discuss
Question 823
jamb1997
Labour productivity is the ratio of?
Alabour to output
Bman-hours to output
Coutput to man-hours
Daverage product to man-hours
View Explanation & Discuss
Question 824
jamb1997
One of the objectives of Nigeria's current population policy is to?
Areduce the birth rate
Breduce the emmigration rate
Cincrease the birth rate
Denhance longevity
View Explanation & Discuss
Question 825
jamb1997
In a country, if the proportion of people who are below 15 years is 45% and those above 60 years is 30%, this implies that the?
Adependency is ratio high
Bpopulation is optimum
Cactive population is large
Dpopulation is growing according to Malthus theory
View Explanation & Discuss
Question 826
jamb1997
When a country's population is experiencing increase returns, that country is said to be?
Aoverpopulated
Beconomically poor
Cover-producing goods and services
Dunderpopulated
View Explanation & Discuss
Question 827
jamb1997
One of the fundamental differences between a capitalist and a socialist economy is that while?
Athe former is characterized by complete government ownership of resources, the latter characterized by complete private ownership
Bin the former, prices act as signals in the allocation of resources, it is central authority that performs this function in the letter
Ctaxes are levied in a capitalist economy, there is no taxation in a capitalist economy
Dincome and wealth are equally distributed in the socialist economy, this is not so in a capitalist economy
View Explanation & Discuss
Question 828
jamb1997
One of the features of a free market economy is that?
Aresources are directed by the price mechanism
Bworkers do not earn equal wages
Cthe profit motive is serverly constrained
Ddescisions on the economy are taken by bureaucratic structures
View Explanation & Discuss
Question 829
jamb1997
Ike's scale of preference reveals that he prefers bananas to pawpaw, pawpaw to oranges and oranges to bananas. Ike's preferences are therefore?
Ainconsistent
Bconsistent
Ctransitive
Drational
View Explanation & Discuss
Question 830
jamb1997
With a given level of money income, a consumer maximizes satisfaction from the consumption of goods and services when the?
Atotal utility derived from each goods and services is increasing at an increasing rate
Bmarginal utility derived from each good or service is increasing at the same rate
Cmarginal utility derived per naira spent is the same for all the goods and services
Dtotal utility derived from all the goods and services is large
