JAMB Economics 2007 Past Questions

An economic system in which the producer and the consumer are the same is referred to as a

The choice of what to produce in a command economy is determined by

The range is used to

When the demand for a good increases owing to an increase in income, it means that

A firm operating at full capacity will have a

The major determinant of cross elasticity of demand is the

A commodity is described as inferior when the

The coefficient of the price elasticity of supply is always

The world market for crude oil refers to the

The division of labour requires that the task to be performed

A characteristic of the linear production function is that

If the total fixed cost is the same regardless of output, the average fixed cost will be

A persistent rise in the prices of inputs will lead to

The monetization policy is an offshoot of

A continuous increase in national income accompanied by the structural transformation of all indices is called

In a developing economy, productivity is measured by the

The gains from international trade are shared on the basis of the

One of the ways of correcting a deficit balance of payments is to

The main objective of WTO is to

The minimum number of shareholders for a joint stock company is

The survival of a partnership depends on

A major objective of the Federal Government's initiative on cassava production in Nigeria is to

A country would develop its agricultural sector first so as to

Foreign investment can be attracted to Nigeria through

Environmental degradation is more associated with

Industrialization is a prerequisite for balanced economic growth because it

Upstream oil activities involve the

The Malthusian theory of population has been rendered ineffective by

The movement of people from rural to urban areas affects the

An upward review of the retirement age will affect the

The labour force of a country best describes

The diagram above shows a firm operating under conditions of monopolistic competition. The curve W represents its

The maximum number of workers that should be hired is

What is the marginal productivity when the number of workers is increased from 2 to 3?

The table shows the wage distribution of workers.Calculate the mean wage

What is the median wage?

The price per unit of a commodity to a buyer is the same as the

When a firm's average revenue curve is downward-slopping , it's price elasticity of demand will be

A firm incurs short-run costs when

An increase in the marginal cost of production causes

The term ceteris paribus implies that

If P = \(\frac{1}{2}\)(Qs + 15). What is the quantity supplied at N9.00?

The logical sequence of basic concepts in economics is

An advantage of electronic banking is that it

The non-bank financial institutions that are entrusted with workers contributions towards retirements are

A reduction in the bank rate encourages commercial banks to create money by

Corrections in the GNP figures for price changes require the use of a

In the circular flow of income model, the outflow variables represent

Life insurance companies contribute to economic development by holding a part of their assets in

One way of solving the problem of double counting is by