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
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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
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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
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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
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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
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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
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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
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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
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9
A firm faces diminishing returns when its?
A
total output diminishes
B
average output diminishes
C
marginal output diminishes
D
marginal revenue diminishes
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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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