1993 - JAMB Economics Past Questions and Answers - page 1
1
It is impossible to satisfy all human wants because?
A
areas of fertile land are very limited
B
oceans and seas limit land space for farming
C
resources are not equitably distributed
D
available resources are limited
2
The main function of the price system is to?
A
distribute resources equally among competing ends
B
ensure efficient allocation of resources in the economic system
C
allocate goods and services equally
D
minimize cheating
3
A system in which the means of production is held in trust for the people by government is known as a?
A
socialist economy
B
capitalist economy
C
subsistence economy
D
mixed economy
4
The working population refers to?
A
a population where the average age is falling
B
the population within the '0 -14'age bracket
C
the economically active segment of the population
D
the dependent population
5
Which of the following factors is NOT responsible for the rural/urban drift in Nigeria?
A
The infrastructural facilities in cities
B
Declining fertility of rural farmlands
C
Rural electrification programme
D
Higher living standards in urban areas
6
An accurate census is important to a country because it helps?
A
in solving unemployment problem
B
to ensure equitable population redistribution relative to natural resources
C
in deciding on the creation of more local government
D
in providing a second basis for formulating development policy
7
If 502.75 million tonnes of grains are consumed annually by a population of 88.5 million people, the per capita grains consumption will be?
A
6.00 tonnes
B
5.68 tonnes
C
0.60 ton
D
0.57 ton
8
In the theory of production and cost, the average total cost of a firm is minimized when the marginal cost curve cuts the average total cost curve at its?
A
lowest point
B
middle point
C
maximum point
D
downward slopping section
9
A firm faces diminishing returns when its?
A
total output diminishes
B
average output diminishes
C
marginal output diminishes
D
marginal revenue diminishes
10
If labour productivity in the cement industry is increasing as output of cement is expanded, then the amount of labour per unit of output produced must be?
A
less than zero
B
decreasing
C
constant
D
increasing
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