2019 - JAMB Economics Past Questions and Answers - page 4
The lands that belong to the community is referred to as__________
Among the disadvantages of the one-man business is the fact that______
The debts of the proprietor can affect a one man business or also known as sole proprietorship, it is run by an individual.
The most reliable and acceptable index of economic growth is the__________
Economic growth will also increase if national income or output increase.
The release of a liquid petroleum hydrocarbon into the environment is_______
Oil spill is release into the environment especially water areas due to human activity and is a type of pollution, it releases into the ocean or coastal waters but also occur on land
ECOWAS was formed for the purpose of________
The major reason of forming the Economic Community of West African States (ECOWAS) was to promote cooperation and integrate member state to accelerate economic growth and development in West Africa.
Economics is a social science concerned with the proper use and______
Economics study helps to learn how resources are used up by the government, firm and individual.
It also studies scarcity because the resources are limited.
The determination of price by bargaining between buyers and sellers is________
One of the ways price are determined in an imperfect market is through Higgling and Haggling. The buyer's maximum price and the seller's minimum price provide the "price range of bargaining".
An economy system that uses what is regarded as the "Market mechanism" is called_______
The ways which one can solve the Forces of demand and supply in the capitalist economy is by the market mechanism,which is also known as free enterprises or free market economy.
The last link in the channel of distribution is____________
Goods are moved from the producer/manufacturer to the wholesaler, from the wholesaler to the retailer and from the retailer to the consumer, which is the last link in trade.
John an apprentice, engineer and amateur trumpet player, was earning ₦30 per week before accepting Full-time employment in a top orchestra, for which he now receives ₦150 per week. ₦120 of his current weekly earnings can be described as________
A surplus arrived at by deducting marginal product and opportunity cost is the known as the Eonomic rent.