2019 - JAMB Economics Past Questions and Answers - page 3
The shape of the production possibility frontier is determined by the_________
The shape of the PPF is determine by the law is diminishing returns or also known as variable proportion.
As indifference curve shows equal level of satisfaction at all points, An isoquant shows equal level of_________
The combination of labour and capital which shows the same output is known as isoquent curve.
i.e capital= product.
Which of the following is not a cause of unemployment_______
What helps to reduce unemployment is the good planning by the Government.
The demand for labour is a________
The demand for labour has a negative slope indicating as wage rises less labour is determined it is also a derived demand.
The use of government income and expenditure instrument to regulate the economy is termed______
What is being use to control inflation, deflation, unemployment, Economic recession is known as Fiscal policy.
A form of tax that is midly progressive and regressive is_______
A tax may be progressive up to certain limit, after that it may be charged at a flat rate i.e Regressive. Digressive tax are not cheap.
Industrialization is the process of___________
What increases the volume of Industrial activities such as manufacturing is an industrialization.
One of these is not a way by which government encourage industrialization?
Government does not encourage industrialization through low productivity and inefficiency.
The sector which contribute highly to the economy is___________
Farming, fishing, mining are primary sector or excrative occupation. Workers here from about 65%.
A permit that allows an importer to bring a certain quantity of foreign goods into a country is_________
What allows an importer to bring and purchase foreign currency required to pay for them is the import licence.