2015 - JAMB Economics Past Questions and Answers - page 4
31
Mr. Patrick’s income is N900 while that of Mr. Shodawe is N1,300. if Mr. Patrick and Shodawe pay N90 and N130 as taxes, the tax system is
A
Direct
B
Progressive
C
Regressive
D
Proportional
correct option: b
Users' Answers & Comments32
Which of the following is not a type of unemployment
A
factory unemployment
B
structural unemployment
C
mass unemployment
D
frictional unemployment
correct option: a
Users' Answers & Comments33
\(\begin{array}{c|c}
\text{Units of variable factor} & \text{Total
Product} \\ \hline
1 & 25 \\ \hline
2 & 31 \\ \hline
3 & 40 \\ \hline
4 & 48 \\ \hline
5 & 55 \\ \end{array}\)
The marginal product at the fifth variable factor is
\text{Units of variable factor} & \text{Total
Product} \\ \hline
1 & 25 \\ \hline
2 & 31 \\ \hline
3 & 40 \\ \hline
4 & 48 \\ \hline
5 & 55 \\ \end{array}\)
The marginal product at the fifth variable factor is
A
7
B
6
C
5
D
9
correct option: a
MP = Δ TP ÷ Δ L
= (TP2 – TP1) ÷ L2 – L1
= (55 – 48 ) ÷ (5 – 4) = 7 ÷ 1
= 7
Users' Answers & Comments= (TP2 – TP1) ÷ L2 – L1
= (55 – 48 ) ÷ (5 – 4) = 7 ÷ 1
= 7
34
The financial institution known as a building society is
A
commercial bank
B
central bank
C
mortgage bank
D
development bank
correct option: c
mortgage bank is a financial institution which grant loans for building purpose.
Users' Answers & Comments35
A line in commodity space which shows the constraints imposed by his budget, his money income and the price of goods purchased is
A
supply curve
B
liquidity preference
C
Budget line
D
demand curve
correct option: c
Users' Answers & Comments36
The information that rank a consumer preferences is given by
A
Scale of preference
B
Indifference map
C
Demand schedule
D
Supply schedule
correct option: b
Users' Answers & Comments37
The ownership of a public limited liability company is made up of
A
two to twenty persons
B
minimum of two and maximum of fifty
C
minimum of seven and no maximum number
D
owner owned by the government
correct option: c
Users' Answers & Comments38
All the following are types of specialization except
A
Manager Specialization
B
Product specialization
C
Specialization by sex
D
Geographical specialization
correct option: a
The types of specialization are product, process, geographical/territorial specialization and specialization by sex or gender. Manager specialization can be categorized under process specialization because it is a situation whereby worker are specialized on a particular production process.
Users' Answers & Comments39
A market will be at equilibrium when
A
demand and supply are equal
B
demand is greater than supply
C
price is higher
D
supply is greater than demand
correct option: a
if demand and supply are equal, it brings the market to the point of equilibrium because equilibrium price is the price where quantity demanded and quantity supplied are equal.
Users' Answers & Comments40
Which of the following will shift the demand curve for Bournvita to the right
A
a rise in price of Bournvita
B
an increase in income
C
a tax on cocoa producer
D
a fall in price of Bournvita
correct option: d
A shift in demand does not affect other factors except price. Therefore, a fall in price will give room for an increase in demand, increase in demand will make the demand curve to shift to the right.
Users' Answers & Comments