2021 - JAMB Economics Past Questions and Answers - page 1
1
A firm is at its optimum size when ___________
A
It has a motive to increase output
B
It produces the greatest output at a minimum cost
C
Marginal cost equals marginal revenue
D
Marginal cost is less than marginal revenue
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2
Under the ECOWAS agreement, a Nigerian can enter and stay in Ghana without a Visa for a period of ________
A
100 days
B
30 days
C
90 days
D
14 days
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3
The petro-chemical industries are located in Rivers State of Nigeria due to ________
A
Coal deposit
B
Palm oil products
C
Favourable soil
D
Oil deposits
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4
| Units of Quality Consumes | Total Utility | Marginal Utility |
|
0 1 2 3 4 5 |
- 10 15 17 18 18 |
- 10 5 2 1 0 |
This table illustrates the law of _________
A
Increasing returns
B
Diminishing returns
C
Diminishing marginal utility
D
Increasing total utility
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5
Pricing and Output decisions of sellers are highly inter-dependent in markets known as _________
A
Monopoly
B
Oligopoly
C
Monopolistic competition
D
Perfect competition
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6
Full employment is a situation in which _______
A
Every adult is employed.
B
Only the disable are not employed.
C
All adults who can work are employed.
D
All those who are able and eligible can find employment
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7
Mono production economies are those that____
A
Produce one main commodities
B
Have a rich cultural heritage.
C
Specialize in agricultural industries.
D
Produce only raw materials.
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8
Petroleum 'glut' in international trade means______
A
Higher prices for the Consumption of petroleum.
B
An Oversupply of petroleum.
C
A fall in in petroleum production.
D
A higher petroleum price offered by the buyer.
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9
Retailers in an economy perform the function of ______
A
Distribution.
B
Exchange
C
Investment
D
Production
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10
In a sole proprietorship, the decisions are made by the ______
A
Government
B
Management
C
Owner
D
Board of Directors
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