2020 - JAMB Economics Past Questions and Answers - page 2
If aggregate income is N500.00 and aggregate consumption is N400.00, this means that the average propensity to consume is?
0.20
0.80
1.25
2.00
Average Propensity to Consume (APC) is a measure of the percentage of income that is spent rather than saved.
APC = C / DI
Income = 500
consumption = 400
\(\frac{400}{500}\) = 0.8
The group of unemployed members of a community who are physically handicapped or disable, is generally classified under unemployment as?
frictional
cyclical
residual
hidden
Cyclical unemployment is the component of overall unemployment that results directly from cycles of economic upturn and downturn.
Unemployment typically rises during recessions and declines during economic expansions.
Collectivism refers to the management of state enterprises in a?
Efficiency in production means?
In economic life, the choice among alternatives depends on the?
The law of diminishing marginal utility indicates that if a consumer increases his consumption of a commodity continously
Which of the following rewards is associated with entrepreneurship
Which of the following is likely to be inflationary
The relationship between the tax rate and income which is relevant to progressive tax is shown by?
The relationship between tax rate and income which is relevant to a proportional tax is depicted by?