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2016 - JAMB Economics Past Questions and Answers - page 5

41

The price elasticity of supply of perishable goods is_________?

A
Elastic
B
Unitary
C
Inelastic
D
Zero
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42

In Nigeria, most agricultural policies are aimed at______?

A
Ensuring equitable distribution of income
B
Liberalizing all sectors of the nation's economy
C
Encouraging the development of manufacturing sector
D
Achieving self-sufficiency in food production
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43

One major problem encountered by ECOWAS is_______?

A
Conflict of interest among members
B
Increasing population
C
Weakness in the trade relationship
D
Language barrier
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44

One of the characteristics of private enterprises is ______?

A
Provision of welfare to the citizens
B
That tax payers bear all the risks
C
Public ownership of shares
D
Individual funding of business activities
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45

The concept of marginal utility indicates the relationship between utility and _________?

A
Price
B
Satisfaction
C
Cost
D
Revenue
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46

In Nigeria, unemployment can be minimized through______?

A
Diversification of the economy
B
Strict immigration law
C
Paying unemployment benefits
D
Restrictive fiscal policy
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47

The demand for two or more commodities to satisfy a particular want is _____?

A
Derived
B
Composite
C
Competitive
D
Joint
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48
The supply curve above is
A
Fairly inelastic
B
Perfectly inelastic
C
Unitary elastic
D
Perfectly elastic
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49

One of the factors affecting change in demand for a commodity is the _______?

A
Supply of the commodity
B
Availability of the substitutes
C
Price of the commodity
D
Technical know-how
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50

Public ownership of productive factors is a feature of_______?

A
Socialism
B
Capitalism
C
Feudalism
D
Mixed economy
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