Jamb 2019 Economics Past Questions And Answers
The lands that belong to the community is referred to as__________
- A. sacred land
- B. individual land
- C. communal land
- D. rent land
John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________
- A. marginal physical productivity
- B. marginal income productivity
- C. consumer's surplus
- D. economic rent
Among the disadvantages of the one-man business is the fact that______
- A. its capital may not be increased without government permission
- B. the proprietor is personally liable for the firm's debts
- C. the proprietor is not able to obtain credit
- D. the proprietor may not sue for bad debts
The determination of price by bargaining between buyers and sellers is________
- A. Sales by Auction
- B. Tender
- C. Higgling and Haggling
- D. Price Control
A rise in the supply of a commodity cause__________
- A. an increase in the equilibrium price and decrease in the equilibrium quantity bought and sold
- B. an increase in both equilibrium
- C. a decrease in the equilibrium price and an increase in the equilibrium quantity bought and sold
- D. a decrease in both equilibrium
The most reliable and acceptable index of economic growth is the__________
- A. Wholesale Price Index
- B. Consumer Price Index
- C. National Income
- D. Retailer's Price Index
If two commodities are unrelated, a change in the price of one will____________
- A. have effect on the quantity demanded of the other
- B. have no effect on the quantity demanded of the other
- C. increase the quantity demanded on the other
- D. decrease the quantity demanded on the other
ECOWAS was formed for the purpose of________
- A. promoting co-operation and integration
- B. to facilitate the expansion of international trade
- C. to provide insurance
- D. to insure new investment
A form of tax that is mildly progressive and regressive is_______
- A. Proportional tax
- B. Progressive tax
- C. Regressive tax
- D. Digressive tax
Effective demand for a commodity is desire for that commodity backed by_______
- A. a wish for the lowest possible price
- B. ability and willingness to pay
- C. cash in one's pocket
- D. a promise to make payment